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Chapter 3 Mathematics of Finance - page 18 / 20

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Barnett/Ziegler/Byleen Finite Mathematics 12e

18

Solution (continued)

This process continues until all payments have been made and the unpaid balance is reduced to zero. The calculations for each month are listed in the following table, which was done on a spreadsheet.

In reality, the last payment would be increased by $0.03, so that the balance is zero.

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