Question
A loan of $215000 at 8% simple interest is paid with monthly payments of $1538.33. (a) State the amount of the first payment which goes
A loan of $215000 at 8% simple interest is paid with monthly payments of $1538.33.
(a) State the amount of the first payment which goes toward interest.
(b) State the amount of the first payment which goes toward reducing the principal.
(c) State the loan balance just after the first payment.
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The Handbook Of European Fixed Income Securities
Authors: Frank J. Fabozzi, Moorad Choudhry
1st Edition
0471430390, 978-0471430391
