Question
A loan with an interest rate of 4.2% compounded quarterly was obtained for $45,000. The payments towards the loan are $400 every month for 12
A loan with an interest rate of 4.2% compounded quarterly was obtained for $45,000. The payments towards the loan are $400 every month for 12 years.
1. Determine the principal repaid in the 80th payment.
| PMT Setting | |
| N | |
| I/Y | |
| P/Y | |
| C/Y | |
| PV | |
| PMT | |
| FV |
| P1 | |
| P2 | |
2. Determine the interest paid in the 65th payment.
| P1 | |
| P2 | |
3. Determine the interest paid in the 7th year.
| P1 | |
| P2 | |
4. Determine the final payment.
| P1 | |
| P2 | |
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Engineering Economic Analysis
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
9th Edition
978-0195168075, 9780195168075
