Question

Robert purchased a 2010 model sedan for $16,000. The dealership offered him a $99/month payment for 60 months, after which the unpaid balance is due. If the interest rate is 6%, find the balloon payment due at the end of 60 months.

Answer 1

@Nnesha
A) $17,513.12
B) $18,153.21
C) $15,000
D) $14,674.37

Answer 2

Heeeeelp

Answer 3

@texaschic101

Answer 4

Use this formula given here

http://www.financeformulas.net/Loan_Balloon_Balance.html

Answer 5

Be careful that r = 0.06/12 = 0.005