### What equal end-of-the-month payment

##### Reference no: EM132184441

A loan of \$ 30,116 is to be financed over a period of 24 months. The bank quotes a nominal rate of 8% for the first 12 months and a nominal rate of 9% for any remaining unpaid balance after 12 months compounded monthly. What equal end-of-the-month payment for 24 months would be required to repay the loan with interest?

(Round the answer to two decimal places)

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