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Determine when he will make the last full payment

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Question: Bob purchased Amy's engagement ring on January 1, 1992 with a $10,000 loan. His loan carries an interest rate of 21% per year convertible monthly. He pays $600 per month starting February 1, 1992, plus an additional $1600 on June 1, 1992. His last payment will be a partial payment.

Determine when he will make the last full payment of $600.

Reference no: EM131947286

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