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2. A loan is being amortized by means of level monthly payments at an annual effective interest rate of 10%. The amount of principal
2. A loan is being amortized by means of level monthly payments at an annual effective interest rate of 10%. The amount of principal repaid in payment number 27 is 1,300 and the amount of principal repaid in payment t is 3,921.11. Calculate t. [Hint: when take the ratio of the principal repays, you will establish equation of t]
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Heres how to calculate the payment number t where the principal repaid is 392111 1 Define variables P Original loan amount unknown r Monthly interest ...
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Engineering Economic Analysis
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
9th Edition
978-0195168075, 9780195168075
