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Size of concluding payment

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A parcel of land valued at $35,000 is sold for $20,000 down. The buyer agrees to pay the balance with interest at j12=12% by paying $500 monthly as long as necessary, the first payment due one year from now. Find the number of $500 payments needed and the size of concluding payment one month after the last $500 payment.

Reference no: EM132725980

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