Tony took a loan of $50,000 from a bank and agreed to repay it over a 5-year period through equal installments made at the end of each year. If an interest rate of 6% per year is charged on the unpaid balance and interest calculations are made at the end of each year, what is the interest at the third payment?

Answer rating: 100% (QA)

To calculate the interest at the third payment we need to determine the outstan... View the full answer