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Consider a loan of $10000 that is paid off quarterly over a period of one year. The agreed statement with the bank that the interest
Consider a loan of $10000 that is paid off quarterly over a period of one year. The agreed statement with the bank that the interest will be paid completely only on the last quarter. On the other hand, th first 3 principal payments from the original loan will have the same value while the last principal payment is just $1000. Calculate the dollar amount of interest and loan principal repaid corresponding to each payment if the interest rate is 10% each quarter Period Beginning Beginning balance Interest Total owed Principal repayment Total payment What is the total Interest value been paid? Total in
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