Question
A woman purchased a new car today for $16,000. She paid $2,000 down and agreed to make 47 monthly installments of $250 and a nal
A woman purchased a new car today for $16,000. She paid $2,000 down and agreed to make 47 monthly installments of $250 and a nal balloon payment at the end of the 48th month. The interest rate is 15 percent compounded monthly. What is the amount of the final balloon payment?
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Bond Markets Analysis and Strategies
Authors: Frank J.Fabozzi
9th edition
133796779, 978-0133796773
