A loan is taken out at j12 = 18% and is paid back with monthly payments of $279.00, plus a smaller concluding payment. With one month left on the loan, the outstanding balance is $268.66. What is the size of the final loan payment? $279.00 $264.63 $270.69 $268.66 $272.69

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
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A loan is taken out at /12 = 18% and is paid back with monthly payments of $279.00, plus a smaller concluding payment. With
one month left on the loan, the outstanding balance is $268.66. What is the size of the final loan payment?
$279.00
$264.63
$270.69
$268.66
$272.69
Transcribed Image Text:A loan is taken out at /12 = 18% and is paid back with monthly payments of $279.00, plus a smaller concluding payment. With one month left on the loan, the outstanding balance is $268.66. What is the size of the final loan payment? $279.00 $264.63 $270.69 $268.66 $272.69
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