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QUESTION
Batman loans the Joker $200,000. With the exception of the last payment, the Joker agrees to repay Batman with $22,000 monthly payments. The interest...
Batman loans the Joker $200,000. With the exception of the last payment, the Joker agrees to repay Batman with $22,000 monthly payments. The interest rate is a nominal rate of 6% convertible monthly.
a. If the Jokerís last payment is a balloon payment, calculate the number of payments the Joker makes, and the amount of his final payment.
b. If the Jokerís last payment is a drop payment, calculate the number of payments the Joker makes, and the amount of his final payment.
