What is the amount of the final payment

Reference no: EM132157785

Question: A $150 bicycle was purchased on December 1 with a $15 down payment. The balance is to be paid at the rate of $10 at the end of each month, with the first payment due on December 31. The last payment may be some amount less than $10. If interest on the unpaid balance is computed at 11/2% per month, how many payments will there be, and what is the amount of the final payment?

Reference no: EM132157785

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