Bob purchased Amy's engagement ring on January 1, 1992 with a loan of $10,000. Her loan has an interest rate of 21% per year, convertible monthly. She pays $600 per month beginning February 1, 1992, plus an additional $1,600 on June 1, 1992. Her last payment will be a partial payment.

Determine when you will make the last full payment of $600.

Answer rating: 100% (QA)

To determine when the last full payment of 600 will be made we need to calculate the remaining balan... View the full answer