Question
The bank of montreal will provide a loan of $30000. The annual interest will be 8%, compounded annually. Interest only payments are needed- until the
The bank of montreal will provide a loan of $30000. The annual interest will be 8%, compounded annually. Interest only payments are needed- until the loan is due in 5 yrs, where a balloon payment for the full balance must be paid.
How do I calculate a balloon payment compounded annually instead of monthly?
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Horngrens Accounting
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
12th edition
9780134487151, 013448715X, 978-0134674681
