Ernie Bilko has business idea

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Question

Ernie Bilko has a business idea. He wants to rent an abandoned gas station for just the months of November and December. He will convert the gas station into a drive-through Christmas wrapping station. Customers will drive in, drop off their gifts, return the next day, and pick up their wrapped gifts. He needs $335,900 to rent the gas station, purchase wrapping paper, hire workers, and advertise. If he borrows this amount at 6 1/2 % interest for those two months, what size lump sum payment will he have to make to pay off the loan.

Reference no: EM133653840

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