Question

Derek purchased a 2010 model sedan for $21,000. The dealership offered him a $149/month payment plan for 60 months, at the end of which the unpaid balance will be due. If the interest rate is 6%, find the balloon payment due at the end of 60 months.

Answer 1

Answer: $17,930.12

Explanation:

confirmed

Answer 2

$17,930.12

Explanation:

A suitable financial calculator can tell you the unpaid balance is $17,930.12 after 60 monthly payments of $149.

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It seems likely the formulas and examples in your reference material will be helpful, too.