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What is the payment expected to be in 1 month

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Orange Valley Recycling just bought a new hair salon for 696,391 dollars. To pay for the hair salon, the company took out a loan that requires Orange Valley Recycling to pay the bank a special payment of 18,670 dollars in 2 months and also make regular monthly payments forever. The first regular payment is expected in 1 month and all subsequent regular payments are expected to increase by 0.31 percent per month forever. The interest rate on the loan is 1.61 percent per month. What is the payment expected to be in 1 month?

Reference no: EM132465449

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