Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are planning on taking a loan for $ 10 ,000. You will repay the loan in annual payments over the next 5 years and

You are planning on taking a loan for $ 10 ,000. You will repay the loan in annual payments over the next 5 years and the loan has a stated interest rate of 7 %. For the very last payment on your loan, how much of this is repayment of principal? For example, if the loan payment is $400 of which $30 is interest and $370 is principal, your answer is $370. Enter your answer to the nearest $.01. Do not use $ or , signs in your answer. Enter your answer as a positive number.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Richard Lewis, David Pendrill

7th Edition

0273658492, 978-0273658498

More Books

Students also viewed these Finance questions

Question

Review major psychological issues of childhood.

Answered: 1 week ago

Question

Explain the causes of indiscipline.

Answered: 1 week ago

Question

Explain the factors influencing wage and salary administration.

Answered: 1 week ago

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago