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Rewash Inc., would like to purchase a machine at a cost of $200,000 with a life of 6 years. Their bank is ready to finance
Rewash Inc., would like to purchase a machine at a cost of $200,000 with a life of 6 years. Their bank is ready to finance 90% of the machine at a rate of 7% per year compounded weekly if Rewash agrees to a payment of $1,500 per month and the remaining as a balloon payment at the end of the machine life. What is the balloon that Rewash Inc., will have to pay?
$69,890
$90,040
$113,328
$140,063
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