We sign a contract that calls for a downpayment of 3,000 and for payments of...
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We sign a contract that calls for a downpayment of 3,000 and for payments of 250 at the end of each month for 6 years. Money is worth 12% compounded monthly. If we miss the first 8 payments, what must we pay at the time of the 9th payment to discharge our entire indebtedness? (a) 14, 316.20 (b) 13,985.61 (c) 12,049.47 (d) 14, 459.36
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