12.000$ loan is being repaid by installments of 700$ at the end of each mont for as long as necessary, plus a final smaller payment. If interest is at J12=9% , find the outstanding balance at the end of 3 years. Please solve this problem in detail.
12.000$ loan is being repaid by installments of 700$ at the end of each mont for as long as necessary, plus a final smaller payment. If interest is at J12=9% , find the outstanding balance at the end of 3 years. Please solve this problem in detail.
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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12.000$ loan is being repaid by installments of 700$ at the end of each mont for as long as necessary, plus a final smaller payment. If interest is at J12=9% , find the outstanding balance at the end of 3 years.
Please solve this problem in detail.
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