The first payment is not due for 11 months if he will make, Financial Management

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The first payment is not due for 11 months if he will make

Ralph has just borrowed $1380 to purchase a new stereo, at a nominal rate of interest of 11% convertible monthly. Although he is charged interest from the moment he borrows the money, the first payment is not due for 11 months. If he will make 24 monthly payments, how much interest is in the 17th payment?

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Financial Management: The first payment is not due for 11 months if he will make

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Financial Management: The first payment is not due for 11 months if he will make

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