A loan of $1500 is to be repaid by annual payments of $250 to commence at the end of the fifth year and to continue thereafter for as long as necessary. Find the amount of the final payment, if the final payment is to be larger than the regular payments. Assume i = 5%. Round your answer to two decimal places.
A loan of $1500 is to be repaid by annual payments of $250 to commence at the end of the fifth year and to continue thereafter for as long as necessary. Find the amount of the final payment, if the final payment is to be larger than the regular payments. Assume i = 5%. Round your answer to two decimal places.
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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A loan of $1500 is to be repaid by annual payments of $250 to commence at the end of the fifth year and to continue thereafter for as long as necessary. Find the amount of the final payment, if the final payment is to be larger than the regular payments. Assume i = 5%. Round your answer to two decimal places.
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