A factory takes out a loan of $ 53,000 and is granted a 10-month grace...
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Finance
A factory takes out a loan of $ 53,000 and is granted a 10-month grace period. The loan is repaid through 18 monthly payments due (the first at the end of month 10). If the effective monthly rate is 1% , calculate the value of the monthly payments if the interest is compounded during the grace period.
Options:
a) $3,570.19
b) $3,499.85
c) $3,605.89
d) $3,534.84
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