The McDonald Group purchased a piece of equipment for $1.2 million. They paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at
An annual percentage rate of 7.75% compounded monthly. What is the amount of each payment?
A) $7,440.01
B) $8,978.26
C) $9,036.25
D) $9,399.18
E) $9,413.67
Correct Answer:
Verified
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