Question
For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the
For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year.
AMOUNT = $18,000
INTEREST RATE = 9%
ANNUAL PAYMENT = $5556.04
TERM = 4 YEARS
The portion of the payment that is applied to interest in year 1 is $______.
The portion of the payment that is applied to interest in year 2 is $______.
The portion of the payment that is applied to interest in year 3 is $______.
The portion of the payment that is applied to interest in year 4 is $______.
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Healthcare Finance Modern Financial Analysis For Accelerating Biomedical Innovation
Authors: Andrew W. Lo, Shomesh E. Chaudhuri
1st Edition
0691183821, 978-0691183824
