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What is the balance at the beginning

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Question - Harmony purchased a jet ski for $1,381 using a 12-month deferment plan. The interest rate is 19.57%. A down payment of $275 is required as well as a minimum monthly payment of $47. What is the balance at the beginning of the 13th month if only the minimum payment is made during the introductory period?

Reference no: EM132974751

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