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Merve takes a $3000 loan from a bank at an annual effective interest rate of %15. She plans to pay off her debt with 35

image text in transcribed Merve takes a $3000 loan from a bank at an annual effective interest rate of %15. She plans to pay off her debt with 35 monthly payments of $100 and a final balloon payment at the end of 3rd year. Find the value of the balloon payment. a) 116 b) 143 c) 216 d) 237 e) 243

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