Problem
Alice purchases a boat. The purchase price is 518,400 and she makes a down payment of 53,500. She ?nances the balance for six years. There are level end-of-month payments (except for a slightly reduced final payment} and the loan is made at an annual effective rate of 53%.
1. Find the amount of each of the first seventy-one payments.
2. Find the outstanding loan balance just after the twenty-fourth payment.