Firm ABC spent $130,000 to refurbish its current facility. The firm borrowed 70 percent of the refurbishment cost at 4.5 percent interest for five years. What is the amount of each monthly payment

$1,696.51

Explanation:

For computing the amount of each monthly payment  we use PMT formula i.e to be shown in the attachment below:

Data provided in the question

Present value = $130,000 × 0.70 = $91,000

Future value = $0

Rate of interest = 4.5%  ÷ 12 = 0.375%

NPER = 5 years × 12 months = 60 months

The formula is shown below:

= -PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after applying the above formula, the monthly payment is $1,696.51

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