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Eric takes out a 30-year loan on Jan 1, 1992 for $20,000 at an annual effective interest rate of 5%. Payments are made at the
Eric takes out a 30-year loan on Jan 1, 1992 for $20,000 at an annual effective interest rate of 5%. Payments are made at the end of each year. On Jan 1, 2002, Eric takes out a 20 year loan for $10,000 at an annual effective interest rate of 7%. Payments are also made at the end of each year. Calculate the total amount of principal repaid during the year 2002 on both loans.
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