Ernie Bilko has a business idea. He wants to rent an abandoned gas station for just the months of November and December. He will convert the gas station into a drive-through Christmas wrapping station. Customers will drive in, drop off their gifts, return the next day, and pick up their wrapped gifts. He needs $333,900 to rent the gas station, purchase wrapping paper, hire workers, and advertise. If he borrows this amount at 6 1/2% interest for those two months, what size lump sum payment will he have to make to pay off the loan? (Round your answer to the nearest cent.)
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Ernie Bilko has a business idea. He wants to rent an abandoned gas station for just the months of November and December. He will convert the gas station into a drive-through Christmas wrapping station. Customers will drive in, drop off their gifts, return the next day, and pick up their wrapped gifts. He needs $333,900 to rent the gas station, purchase wrapping paper, hire workers, and advertise. If he borrows this amount at
interest for those two months, what size lump sum payment will he have to make to pay off the loan? (Round your answer to the nearest cent.)
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