Find out the amount of the final payment, Financial Management

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Find out the amount of the final payment

A loan of $5,000 is to be amortized with the monthly payments of $200 for as long as necessary plus the smaller final payment one month after the last regular payment. Interest is calculated at i(12) = 0.12 on the first $3000 of outstanding loan balance and at i(12) = 0.09 on any excess.

(a) Find out the principal repaid in fifth payment.

(b) Find out the "crossover" point.

(d) Find out the amount of the final payment?

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Financial Management: Find out the amount of the final payment

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Financial Management: Find out the amount of the final payment

Reference No:- TGS0875137

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Recent Questions Asked Financial Management

Q : Determine the outstanding loan balance

Q : Compute the amount of interest paid

Q : Sinking fund method

Q : Determine the amount of principal

Q : Find out the amount of the final payment

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Request for Solution File

Ask an Expert for Answer!!

Financial Management: Find out the amount of the final payment

Reference No:- TGS0875137

Recent Questions Asked Financial Management

Q : Determine the outstanding loan balance

Q : Compute the amount of interest paid

Q : Sinking fund method

Q : Determine the amount of principal

Q : Find out the amount of the final payment

Q : Desired quantity of finished goods inventory

Q : Non-quantitative partner

Q : Example of a relation on a set

Q : Provide a counter example

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