Remaining as balloon payment at the end of machine life

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Reference no: EM131361114

Rewash Inc., would like to purchase a machine at a cost of $175,000 with a life of 6 years. Their bank is ready to finance 90% of the machine at a rate of 6% per year compounded weekly if Rewash agrees to a payment of $1,300 per month and the remaining as a balloon payment at the end of the machine life. What is the balloon that Rewash Inc., will have to pay?

Reference no: EM131361114

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Remaining as balloon payment at the end of machine life : Rewash Inc., would like to purchase a machine at a cost of $175,000 with a life of 6 years. Their bank is ready to finance 90% of the machine at a rate of 6% per year compounded weekly if Rewash agrees to a payment of $1,300 per month and the remaini..

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