On January 1, Frank Jenson bought a new BMW X6 with an automobile loan of $80,000. He will repay the loan in the next 10 years (10 equal EOY payments). If the interest rate is 8% per year, calculate how much of the original principal of $80,000 will be paid in the second payment?

Answer rating: 100% (QA)

To calculate the amount of the original principal that will be paid in the second payment we need to ... View the full answer