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Brenda has a 21-year loan to be repaid by a decreasing annuity of 21, 20, 19, etc. The annual payments are made at the end
Brenda has a 21-year loan to be repaid by a decreasing annuity of 21, 20, 19, etc. The annual payments are made at the end of the year and the effective annual interest rate is 4%.
A) Calculate the interest portion in her 13th payment.
B) Calculate the principal repaid in her 7th payment.
Any help on these would be greatly appreciated! Thanks in advance!
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