Your uncle will sell you his bicycle shop for $100,000, with "seller financing," at a...
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Your uncle will sell you his bicycle shop for $100,000, with "seller financing," at a 12% 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 (balloon) payment of $50,000 at the end of the last month. What would your equal monthly payments be?
$1,816.69
$2,153.19
$5,175.56
$3,488.75
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