Clay harden barrowed 22000 from a bank at an interest rate, Financial Management

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Clay harden barrowed 22000 from a bank at an interest rate

Clay Harden barrowed $22,000 from a bank at an interest rate of 7% compounded monthly. The loan will be repaid in 36 equal monthly installments over three years. Immediately after his 19th payment, Clay desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay immediately after his 19th payment.

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Financial Management: Clay harden barrowed 22000 from a bank at an interest rate

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Financial Management: Clay harden barrowed 22000 from a bank at an interest rate

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