Peter purchased a cottage for $326000. He paid $36000 down and agreed to make equal payments at the end of every month for 10 years. Interest is 4% compounded monthly. How much will he owe after 8 years? Do NOT round the payment.

 
2) A loan of $38300 is repaid by payments of $600 at the end of every quarter. Interest is 4% compounded quarterly. What is the size of the final payment?

Answer rating: 100% (QA)

To calculate the amount Peter will owe after 8 years we need to determine the monthly payment amount ... View the full answer