You are planning on taking a loan for $ 58 ,000. You will repay the loan in annual payments over the next 16 years and the loan has a stated interest rate of 12 %. For the very last payment on your loan, how much of this is repayment of principal? For example, if the loan payment is $400 of which $30 is interest and $370 is principal, your answer is $370. Enter your answer to the nearest $.01. Do not use $ or , signs in your answer. 

Answer rating: 100% (QA)

To calculate the amount of the last payment that is repayment of principal we need to consider the l... View the full answer