What is the amount of each payment

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Question: You want to borrow $29,923. You must repay the loan in 7 years in equal monthly payments and a single $1,065 payment at the end of 7 years. Interest rate is 10% nominal per year. What is the amount of each payment? (Note that the single payment at the end of the period (aka balloon payment) is in addition to the regular payment scheduled for that period)

Reference no: EM133433716

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