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What is the payment expected to be in 1 month

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Violet Sky Health just bought a new pet care center for 1,201,987 dollars. To pay for the pet care center, the company took out a loan that requires Violet Sky Health to pay the bank a special payment of 38,050 dollars in 4 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 0.57 percent per month forever. The interest rate on the loan is 1.17 percent per month. What is the payment expected to be in 1 month?

Reference no: EM132466165

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