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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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