Jarrod has recently taken out a $30,000, fully amortizing car loan where he will make one...
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Jarrod has recently taken out a $30,000, fully amortizing car loan where he will make one payment at the end of each year for 4 years. The loan's APR is 4.5%. How much of his second payment will go towards paying down the loan's balance? Jarrod has recently taken out a $30,000, fully amortizing car loan where he will make one payment at the end of each year for 4 years. The loan's APR is 4.5%. How much of his second payment will go towards paying down the loan's balance?
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Answer rating: 100% (QA)
To determine how much of Jarrods second payment will go towards paying down the loans balance we need to first calculate the amount of each payment th... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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