If the loan payments and interest rate remain unchanged, will it take longer to reduce a loans

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If the loan payments and interest rate remain unchanged, will it take longer to reduce a loan’s balance from $20,000 to $10,000 than to reduce the balance from $10,000 to $0? Explain briefly.

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 08:05 AM

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If the loan payments and interest rate remain unchanged, will it take longer to reduce a loans

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Yes With each successive payment the interest compon...View the full answer

Business Mathematics In Canada

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