Carlos takes out a 7 year loan for $14,175.00. He will make level bi-weekly payments of $106.00, except for the last one which will be either a balloon or a drop payment. The interest rate is i(2) = 9.500%. Is the last payment a balloon or drop payment, and what is the last payment amount
Carlos takes out a 7 year loan for $14,175.00. He will make level bi-weekly payments of $106.00, except for the last one which will be either a balloon or a drop payment. The interest rate is i(2) = 9.500%. Is the last payment a balloon or drop payment, and what is the last payment amount
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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Carlos takes out a 7 year loan for $14,175.00. He will make level bi-weekly payments of $106.00, except for the last one which will be either a balloon or a drop payment. The interest rate is i(2) = 9.500%.
Is the last payment a balloon or drop payment, and what is the last payment amount
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