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What would your equal monthly payments be

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Your uncle will sell you his bicycle shop for $250,000, with seller financing, at a 8.0% nominal annual rate. The terms of the loan would require you to make 12 equal end-of-month payments per year for 4 years, and then make an additional final payment of $50,000 at the end of the last month. What would your equal monthly payments be?

Reference no: EM132554543

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