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On January 2nd 2021 Gwyneth Paltrow buys magic healing crystals for $7250. She paid $1300 down...

On January 2nd 2021 Gwyneth Paltrow buys magic healing crystals for $7250. She paid $1300 down and agrees to pay the balance by monthly installments of $275 plus a smaller final payment with the first payment on February 2nd 2021. If the interest is j1 = 9% what date is the final payment and the amount?

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Expert Solution

The date of final payment will be 2nd September, 2022 and the installment amount will be 275. The smaller amount will be 175 , which will be paid with first instalment on 2nd February, 2021.

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ekkarill92 answered 2 years ago
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