Please explain how to find the answer using a financial calculator!
Purchase price equals 93,500. Six-year loan with no money down and no monthly payments during the first year. After the first year, payment of $1300 per month for five years, with a balloon payment at the end. The APR on the loan with monthly compounding is 5%. What will be the amount of the balloon payment six years from now?
Financial calculator: n=60, I/Y= 5%, PMT= 1300