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Assignment:

Alice purchases a boat The purchase price is $18300 and she makes a down payment of $3.800. She finances 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 5.2%.

Task:

Question 1: Find the amount of the first seventy-one payments.

Question 2: Find the outstanding loan balance just after twenty-fourth payment the twenty-fourth payment.

Note: Please show how you came up with the solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91162413

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