Question: Marlon Inc., would like to purchase a machine with a life of 7 years at a cost of $650,000. The bank will loan 90% of
Marlon Inc., would like to purchase a machine with a life of 7 years at a cost of $650,000. The bank will loan 90% of the cost at a rate of 5% per year compounded weekly if Marlon agrees to a payment of $3,500 at the beginning of each month for 7 years and a balloon payment at the end of the machine life. What is the balloon amount that Marlon will have to pay
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