Question
You want to borrow $47,197. You must repay the loan in 13 years in equal monthly payments and a single $3,308 payment at the end
You want to borrow $47,197. You must repay the loan in 13 years in equal monthly payments and a single $3,308 payment at the end of 13 years. Interest rate is 15% nominal per year.
What will be the loan balance immediately after the 25th payment?
(Note that the single payment at the end of the period (aka balloon payment) is in addition to the regular payment scheduled for that period)
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
4th edition
78025524, 978-0078025525
