Business
Business, 13.11.2019 20:31, kaylaa154

Anderson manufacturing co., a small fabricator of plastics, needs to purchase an extrusion molding machine for $150,000. they will borrow money from the bank at 7% interest over five years. since they expect sales to be slow during the first year, but to increases at an annual rate of 10% a year, the company arranges with the bank to pay off the loan using a "balloon scale" which results in the lowest payment at the end of the first year, and each subsequent payment will be 10% higher than the previous payment. what is the size of the last payment on the loan?

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