Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a loan is to be repaid with a series of decreasing annuial payments made at the end of each year over a 30 year period,

a loan is to be repaid with a series of decreasing annuial payments made at the end of each year over a 30 year period, the annual effective rate of the loan is 7.2% the first payment made is $12,000, the second payment is $11,700 and the third payment is $11,400 the last payment is $3300 a)find the balance after the 9th payment b)find the balance after the 10th payment c)find the amount off principle pain in the 10th payment. d)find the amount of interest paid in the 10th payment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance In Canada

Authors: Harvey Rosen, Beverly George Dahlby, Roger Smith, Jean-Francois Wen, Tracy Snoddon

3rd Canadian Edition

0070951659, 978-0070951655

More Books

Students also viewed these Finance questions

Question

Define time series.

Answered: 1 week ago