Problem
A $150 bicycle was purchased on December 1 with a $15 down payment. The balance is to be paid at the rate of $10 at the end of each month, with the first payment due on December 31. The last payment may be some amount less than $10. If interest on the unpaid balance is computed at 11/2% per month, how many payments will there be, and what is the amount of the final payment?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.