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 |
