A loan of 80,000 is repaid using the amortisation method by annual payments at the end of
Fantastic news! We've Found the answer you've been seeking!
Question:
A loan of 80,000 is repaid using the amortisation method by annual payments at the end of each year for ten years. The first payment, one year from today is X. Each subsequent payment is 1,600 higher. The annual effective of the loan is 5%.
Find the first payment and the interest portion of the first payment.
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date: