You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $95,250. You negotiate a six-ye with no money down and no monthly payments during the first year. After the first year, you will pay $1,475 per month for th five years, with a balloon payment at the end to cover the remaining principal on the loan. The APR on the loan with month compounding is 4.2 percent. What will be the amount of the balloon payment six years from now? Note: Do not round monthly interest rate calculation. Round intermediate value calculation and final answer to 2 decim Amount of balloon payment

You are looking to purchase a Tesla Model X sport utility vehicle. The price of the vehicle is $95,250. You negotiate a six-ye with no money down and no monthly payments during the first year. After the first year, you will pay $1,475 per month for th five years, with a balloon payment at the end to cover the remaining principal on the loan. The APR on the loan with month compounding is 4.2 percent. What will be the amount of the balloon payment six years from now? Note: Do not round monthly interest rate calculation. Round intermediate value calculation and final answer to 2 decim Amount of balloon payment

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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