An loan is paid in 3 years with monthly payment starting one month after the loan is made. The payments are A=560 each in the first year, and B=980 per month in the second year, and C=790 each in the last year. Interest is at a nominal rate of 7.2 percent convertible monthly. 

What is the outstanding balance after the 15th payment.

Answer rating: 100% (QA)

The outstanding balance after the 15th payment is 657996 This means that you have actually overpaid ... View the full answer