Question
1. Consider a 4-year loan of $5,000 which you will pay back in 4 equal annual payments. If the loan has an 8% annual interest
1. Consider a 4-year loan of $5,000 which you will pay back in 4 equal annual payments. If the loan has an 8% annual interest rate over the 4-year period, what would the size of each payment be? Of the payment you calculated for the first part of this question, how much of that payment would be interest for the second payment and how much of that payment would be principal repayment for the loan?
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Finance Budget And Management For Reference Services Routledge Library Editions Library And Information Science
Authors: Ruth A. Fraley, Bill Katz
1st Edition
0367374293, 978-0367374297
