Question
A declining-balance loans for $2000 entails paying $183.36 for each of twelve months, for a total of about $2200 in payments. The loan's periodic interest
A declining-balance loans for $2000 entails paying $183.36 for each of twelve months, for a total of about $2200 in payments. The loan's periodic interest rate is 18% per year or 1.5% per month. How much of the loan's first payment goes to paying interest (to the nearest dollar)?
| $18 |
| $24 |
| $30 |
| $36 |
| $42 |
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Inside Private Equity
Authors: James M. Kocis, James C. Bachman IV, Austin M. Long III, Craig J. Nickels
1st Edition
0470421894, 978-0470421895
