I am borrowing $5,000 and plan to pay back the loan with 36 monthly payments. The annual
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I am borrowing $5,000 and plan to pay back the loan with 36 monthly payments. The annual rate of interest is 16.5 percent. After one year, I pay back $500 extra and shorten the period of the loan to two years total. What will my monthly payment be during the second year of the loan?
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Lets start by calculating the monthly payment for the original loan of 5000 over 36 months with an a...View the full answer
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Related Book For 
Microsoft Excel Data Analysis And Business Modeling
ISBN: 9780137613663
7th Edition
Authors: Wayne Winston
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