You have purchased a notebook financed as follows: 18 monthly instalments of $80,000 each, the first instalment is paid within 5 months at an interest rate of 1.5% per month. After one month, you decide to make a single payment for the value of the debt. How much does this single payment correspond to?

You have purchased a notebook financed as follows: 18 monthly instalments of $80,000 each, the first instalment is paid within 5 months at an interest rate of 1.5% per month. After one month, you decide to make a single payment for the value of the debt. How much does this single payment correspond to?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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