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Problem 5-59 (similar to) Question Help (Complex stream of cash Mows) Roger Sterling has decided to buy an ad agency and is going to finance
Problem 5-59 (similar to) Question Help (Complex stream of cash Mows) Roger Sterling has decided to buy an ad agency and is going to finance the purchase with seller financing that is a loan from the current owners of the agency. The loan will be for $2,300,000 financed at a nominal annual interest rate of 6%. This loan will be paid off over 8 years with end-of-month payments along with a $550.000 balloon payment at the end of years. That is the $2 3 million loan will be paid off with monthly payments and there will also be a final payment of $550,000 at the end of the final month. How much will the monthly payments be? a. How much of the loan will be paid off by the final $550,000 payment? $ (Round to the nearest cent)
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