Question: How do you solve this on excel? Rewash Inc., would like to purchase a machine at a cost of $200,000 with a life of 6

How do you solve this on excel?

Rewash Inc., would like to purchase a machine at a cost of $200,000 with a life of 6 years. Their bank is ready to finance 90% of the machine at a rate of 7% per year compounded weekly if Rewash agrees to a payment of $1,500 per month and the remaining as a balloon payment at the end of the machine life. What is the balloon that Rewash Inc., will have to pay?

Right Answer:

$140,063

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