A loan for furniture is $15,000 and will be paid off completely over 5 years at...
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A loan for furniture is $15,000 and will be paid off completely over 5 years at 4.8% interest rate using monthly payments of $281.70. Find the interest part of the 2nd payment. Interest is calculated for one month! Complete the table for the 1" and 2nd month. Monthly Paymt Payment Interest Principal 1 month 2nd month $281.70 $281.70 Balance $15,000 A loan for furniture is $15,000 and will be paid off completely over 5 years at 4.8% interest rate using monthly payments of $281.70. Find the interest part of the 2nd payment. Interest is calculated for one month! Complete the table for the 1" and 2nd month. Monthly Paymt Payment Interest Principal 1 month 2nd month $281.70 $281.70 Balance $15,000
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To calculate the interest part of the payment we need to determine the remaining principal bal... View the full answer
Related Book For
Construction accounting and financial management
ISBN: 978-0135017111
2nd Edition
Authors: Steven j. Peterson
Posted Date:
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