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A loan of 10,000 is being repaid with payments of 500 starting one month after the loan is made and lasting as long as necessary.
A loan of 10,000 is being repaid with payments of 500 starting one month after the loan is made and lasting as long as necessary. A final smaller payment is made one month after the last regular payment of 500. What is the amount of the additional smaller payment using an interest rate of 12% compounded monthly?
Answer is 213.48 will rate show all work
A loan of 10,000 is being repaid with payments of 500 starting one month after the loan is made and lasting as long as necessary. A final smaller payment is made one month after the last regular payment of 500. What is the amount of the additional smaller payment using an interest rate of 12% compounded monthly?
Answer is 213.48 will rate show all work
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