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principal borrowed of $89,000, 12 annual payments a year, monthly payments are $1,100, 8.75% interest rate, 72 total payments, period interest rate 1%. what would be the final payment/balloon payment due on month 72 to be settled with this obligation

principal borrowed of $89,000, 12 annual payments a year, monthly payments are $1,100, 8.75% interest rate, 72 total payments, period interest rate 1%. what would be the final payment/balloon payment due on month 72 to be settled with this obligation

Essentials Of Investments
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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principal borrowed of $89,000, 12 annual payments a year, monthly payments are $1,100, 8.75% interest rate, 72 total payments, period interest rate 1 %. what would be the final payment/balloon payment due on month 72 to be settled with this obligation
Transcribed Image Text:principal borrowed of $89,000, 12 annual payments a year, monthly payments are $1,100, 8.75% interest rate, 72 total payments, period interest rate 1 %. what would be the final payment/balloon payment due on month 72 to be settled with this obligation
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