Equivalent equal monthly payment series in constant dollars

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Reference no: EM131536544

Suppose that you borrow $20,000 at 18?% compounded monthly over four years. Knowing that the 18?% represents the market interest? rate, you realize that the monthly payment in actual dollars will be ?$587.50. If the average monthly general inflation rate is expected to be 0.3?%, determine the equivalent equal monthly payment series in constant dollars.

The equivalent equal monthly payment series in constant dollars is? (Round to the nearest dollar)

Reference no: EM131536544

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