Suppose that you barrow 17000 at 15 compounded monthly over


Suppose that you barrow $17,000 at 15% compounded monthly over four years. Knowing that the 15% represents the market interest rate, you realize that the monthly payment in actual dollars will be $473.12. If the average monthly general inflation rate is expected to 0.5%, determine the equivalent equal monthly payment series in constant dollars.

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Business Economics: Suppose that you barrow 17000 at 15 compounded monthly over
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