Answer:
Assume that interests are paid annually as principals and the repayment method is depreciated. The monthly payment including principals and interests for the 12th, 24th, 36th, 48th, 60th month are $11,752 , $11,186 , $10,619 , $10,053 , $9,486 , respectively. There are no payment for other months during the 60-month plan.
Explanation:
Unit: $
Month Principal Interest Total payment
12 8,920 2,832 11,752
24 8,920 2,266 11,186
36 8,920 1,699 10,619
48 8,920 1,133 10,053
60 8,920 566 9,486
