Bird Nest Inc. issued a $ 240,000, 5%, 20-year note payable on January 1, 2021 with repayment terms of equal monthly instalments plus interest at the beginning of every month with the first payment due on February 1, 2021. What amount would represent the equal monthly instalments?

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The total principal of $240,000 is to be repaid over 20 years, which is 240 months. Dividing $240,000 by 240 months gives a monthly principal repayment of $1,000.