Contemporary Engineering Economics 6th Edition by Chan Park

تمرين 38

You purchase a piece of furniture worth $5,000 on credit through a local furniture store. You are told that your monthly payment will be $146.35, including an acquisition fee of $25, at a 10% add-on interest rate over 48 months. After making 15 payments, you decide to pay off the balance. Compute the remaining balance based on the conventional amortized loan.