Electronics Inc. purchased a machine for $140,000. They borrow $120,000 from the bank at annual 4% nominal rate.

Electronics Inc. purchased a machine for $140,000. They borrow $120,000 from the bank at annual 4% nominal rate. The loan agreement requires monthly repayments over the next 6 years. How much is the monthly repayment amount?

a. 1,650
b. 2,065
c. 1,907
d. 1,877

Needs help with similar assignment?

We are available 24x7 to deliver the best services and assignment ready within 6-8 hours? Order a custom-written, plagiarism-free paper

Get Answer Over WhatsApp Order Paper Now