With his financial target to be debt-free, John replaced his credit card debt by borrowing $85000. He is to make equal monthly payments over the next 49 months. What is the outstanding balance of the loan after 23 months if interest is 7.63% compounded monthly? (20 marks):

Answer rating: 100% (QA)

To find the outstanding balance of the loan after 23 months we need to calculate the monthly payment ... View the full answer