Daniel borrowed $20,000 with a promise to repay the loan in 6 years with a uniform monthly

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Daniel borrowed $20,000 with a promise to repay the loan in 6 years with a uniform monthly payment and a single payment of $2,000 at the end of six years at a nominal interest rate of 12% per year.

a. What is the amount of each payment?

b. What is the amount of interest paid in the first payment?

c. What will be the loan balance immediately after the 48th payment?

Related Book For answer-question

Project Finance in Theory and Practice

ISBN: 978-0123919465

2nd edition

Authors: Stefano Gatti

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Posted Date: Jan 19, 2021 10:09 AM

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Daniel borrowed $20,000 with a promise to repay the loan in 6 years with a uniform monthly

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Project Finance in Theory and Practice

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