Question: A $ 150 bicycle was purchase don December 1with a $15 down payment the balance is to be paid at the rate of $10 at

A $ 150 bicycle was purchase don December 1with a $15 down payment the balance is to be paid at the rate of $10 at the end of each month, with the first payment due on December 31. The last payment may be some amount less than $10. If interest on the unpaid balance is computed at 11/2%per month, how many payments will there be, and what is the amount of the final payment? (Answers: 16 payments; final payment: $1.99)

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