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26. Your brother will sell you his bicycle shop for $170,000, with seller financing at a 6.0% nominal annual rate. The terms of the loan
26. Your brother will sell you his bicycle shop for $170,000, with "seller financing" at a 6.0% nominal annual rate. The terms of the loan would require you to make 12 equal end-of-month payments per year for four years, and then make a balloon payment of $50,000 at the end of the last month. What would your monthly payments be? A) $2,362.52 B) $3,068.20 C) $2,792.07 D) $3,618.84 E) $3,129.57
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