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A woman borrows $6000 at 18% compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs
A woman borrows $6000 at 18% compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs to know the amount of interest paid during each year of the loan. Find the interest paid during the first year, the second year, and the third year of the loan.
The payment for this loan is_ and the first year unpaid balance is _
Interest paid for year 1 is _
Interest paid for year 2 is _
Interest paid for year 3 is _
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