A loan of $5000 is being amortized over 36 months at an interest rate of 9% compounded
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Question:
A loan of $5000 is being amortized over 36 months at an interest rate of 9% compounded monthly. Find
(a) The monthly payment;
(b) The principal outstanding at the beginning of the 36th month;
(c) The interest paid in the 24th payment;
(d) The principal repaid in the 24th payment; and
(e) The total interest paid.
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