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Sally takes out a $ 6 0 0 0 loan. The original terms of the loan require 6 0 equal monthly payments starting at the
Sally takes out a $ loan. The original terms of the loan require equal monthly
payments starting at the end of the first month at a nominal annual interest rate of
convertible monthlv.
The lender offers an alternative payment scheme; Sally would make no payments for
the first five months followed by the same monthly payment as the original terms of the
loan. She will still repay the entire loan in months by making an extra payment at the
end of the last month.
Determine the amount of the extra payment to be made at the end of the th month.
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