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You want to buy a shop for $140,000 . Seller financing at a 6.0% annual rate for the three year loan but the loan requires
You want to buy a shop for $140,000. Seller financing at a 6.0% annual rate for the three year loan but the loan requires 12 equal monthly payment each year fo r 3years. And also, you need to make an additional balloon (final) payment of $50,000 which will be paid at the end of the last month. The equal monthly payments = ? (hint: FV=50000)
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