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Instead of taking $700,000 from an inheritance right now, a person decides to take 60 monthly payments with the first payment to be made immediately....

Instead of taking $700,000 from an inheritance right now, a person decides to take 60 monthly payments with the first payment to be made immediately. If interest is allowed at 12% converted monthly, what will be the size of each payment?

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Rate =12%/12 Nper =60 PV... View the full answer

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Use the present value of an annuity due Concept( payment start immediately one period earlier).... View the full answer

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