What monthly payment, beginning next month, would pay off a debt of $1,000 over 15 months, if the interest rate on the debt is 18% per year, compounded monthly?
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A. B. C. D. E.C
On the BAII Plus, press 15 N, 18 divide 12 = I/Y, 1000 PV, 0 FV, CPT PMT. On the HP12C, press 15 N, 18 ENTER 12 divide i, 1000 PV, 0 FV, PMT. Note that the answer will be displayed as a negative number. Make sure the BAII Plus has the value of P/Y set to 1.