Question: I don't need part a. I need part b) solved. The correct answer to b) is 109.54 but I don't know how to get there.
I don't need part a. I need part b) solved. The correct answer to b) is 109.54 but I don't know how to get there. Also, no excel solutions, need hand written answers. Thanks!
3.2.6 A loan is amortized by level payments every February 1, plus a smaller final payment. The borrower notices that the interest paid in the February 1, 2014 payment was 103.00, and the interest in the February 1, 2015 payment will be 98.00. The rate of interest on the loan is i=.08. (a) Find the principal repaid in the 2015 payment. (b) Find the date and amount of the smaller final payment made one year after the last regular payment. 3.2.6 A loan is amortized by level payments every February 1, plus a smaller final payment. The borrower notices that the interest paid in the February 1, 2014 payment was 103.00, and the interest in the February 1, 2015 payment will be 98.00. The rate of interest on the loan is i=.08. (a) Find the principal repaid in the 2015 payment. (b) Find the date and amount of the smaller final payment made one year after the last regular payment
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