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How much must last payment be to avoid paying interest

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Reference no: EM132792664

Problem 1: You purchase a video game system that costs a total of $350. At the time of purchase, you are required to pay a down payment of 12%. The installment plan you agree to requires a minimum of $5 monthly payment and offers no interest for 2 years. If you make the minimum payment every month, how much must your last payment be to avoid paying interest?

Reference no: EM132792664

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