A company borrows $100,000 with interest at j₁2 = 9%. The loan is to be amortized by monthly payments of $1550 for as long asnecessary. A final smaller payment will be calculated so the loan will be exactly repaid. The outstanding balance immediately after thethth88 payment is $796.44. What is the value of the 89" and final payment?O A. $790.51B. $796.44C. $802.41D. $808.43

Variables in the question:Loan amount=$100,000 Interest=9% Monthly payment=$1550Outstanding balance…

Answered: A company borrows $100,000 with…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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