000 loan at a 6% nominal annual rate. The terms of the loan require make 12 equal end-of-month payments each year for 4 years, and then an additional final (balloo payment of $4,000 at the end of the last month. What will your equal monthly payments be? a. $137.96 b. $145.22 $152.86 $160.91

000 loan at a 6% nominal annual rate. The terms of the loan require make 12 equal end-of-month payments each year for 4 years, and then an additional final (balloo payment of $4,000 at the end of the last month. What will your equal monthly payments be? a. $137.96 b. $145.22 $152.86 $160.91

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...

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Question

81. Suppose you take out a $10,000 loan at a 6% nominal annual rate. The terms of the loan require you to
make 12 equal end-of-month payments each year for 4 years, and then an additional final (balloon)
payment of $4,000 at the end of the last month. What will your equal monthly payments be?
a. $137.96
b. $145.22
C. $152.86
d. $160.91

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