What would your equal monthly payments be

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Reference no: EM133908353

Problem

Your cousin will sell you his coffee shop for $168,000, with "seller financing," at a 9.2% nominal annual rate. The terms of the loan would require you to make 12 equal end-of-month payments per year for 5 years, and then make an additional final (balloon) payment of $20,000 at the end of the last month. Get the instant assignment help. What would your equal monthly payments be?

Reference no: EM133908353

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