Ms. Maili Sirrus obtained a balloon loan of $238,665 at a nominal rate of interest of...
Homework Answers
Loan amount = 238,665; balloon payment = 36,223
Number of payments = number of years*number of days in a year/5 = (4*365)/5 = 292
Compounding rate = annual rate/number of payments in a year = 4.15%/(365/5) = 0.0568%
PV = -238,665; N = 292; rate = 0.0568%, solve for PMT.
Level payment every 5th day = $887.29
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