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March 29, 2015

Homework Help: Amortization of Loans

Posted by Amanda on Saturday, May 5, 2012 at 12:33am.

A car is purchased for $9,192.57 with $1470 down and a loan to be repaid at $200 a month for 2 years followed by a balloon payment. If the interest rate is 6% compounded monthly, how large will the balloon payment be?

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