Question
You borrowed $1000 dollars at a rate of 4% compounded yearly. You make yearly payments for 15 years to pay off the loan beginning at
You borrowed $1000 dollars at a rate of 4% compounded yearly. You make yearly payments for 15 years to pay off the loan beginning at the end of the year. How much interest do you pay in total over the term of the loan? What is the outstanding balance on the loan after 13 years?
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Finance Applications And Theory
Authors: Marcia Cornett, Troy Adair, John Nofsinger
2nd Edition
0073530670, 9780073530673
