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Ran across a practice question, and although I got it correct through elimination, I don't understand it exactly.
q: Assume you buy a computer for $1,350 and agree to pay for it with 24 payments of $45, beginning next month. What is the size of the final payment needed at month 24 to completely pay off the computer, if the interest rate you are being charged is 16% per year, compounded monthly?
a: $592.21
Shouldn't I enter the value for N as 23, instead of 24? Since the question is asking what will be the remaining balance after the 23rd payment? My answer was $ 628.82, but because it wasn't in the choices I went with $ 592.21 which is the correct answer.
My only thought would be the question is referring to the balloon payment after the 24th payment, but it just seems worded poorly. Or, is it just me?
Edited 1 time(s). Last edit at Wednesday, May 25, 2011 at 04:42PM by MiserableLawStdnt. |
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发表于 2011-10-5 15:55
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