We sign a contract that calls for a down payment of $€3,000$ and for payments of $€250$ at the end of each month for $6$ years. Money is worth $12\%$ compounded monthly. If we miss the first $8$ payments, what must we pay at the time of the $9$th payment to discharge our entire debt?

  

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Answer rating: 100% (QA)

To solve this problem we can use the formula for calculating the present value of a seri... View the full answer