Question
A loan is being repaid by the amortization method with an installment at the end of each of 80 quarters at 6% annual effective interest,
A loan is being repaid by the amortization method with an installment at the end of each of 80 quarters at 6% annual effective interest, the first payment one quarter after the loan is made. Which is the first payment in which the amount of principal is greater than the amount of interest?
The answer is 33, please answer only using equations and no excel or tables.
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Financial Accounting
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
10th Edition
0072316373, 978-0072316377
