Question
On May 12, Jameel takes out a personal loan at an annual effective interest rate of 6%. The loan is to be repaid by payments
On May 12, Jameel takes out a personal loan at an annual effective interest rate of 6%. The loan is to be repaid by payments on each of the next ten May 12s, the first six being for $822 and the final four being for $1516.
A) Find the loan balance immediately after the sixth payment?
B) Find the outstanding loan balance immediately after the third payment?
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The Bank Credit Analysis Handbook
Authors: Jonathan Golin, Philippe Delhaise
2nd Edition
0470821574, 978-0470821572
