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Suppose you borrowed $ 20,000 at 9% compounded monthly, for 5 years. Recognizing that 9% represents...

Suppose you borrowed $ 20,000 at 9% compounded monthly, for 5 years. Recognizing that 9% represents market interest, monthly payments in current dollars will be $ 415.17. If the average monthly inflation rate is expected to be 0.5%, what would be the equivalent of equal monthly payments in real dollars?

Select one:
a. No correct answer is provided.
b. $ 415
c. $ 359
d. $ 405
e. $ 375

Please help me as fast as possible! Thanks a lot!

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