You have borrowed $47,059 from your parents and have agreed to amortize the loan over 5...
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You have borrowed $47,059 from your parents and have agreed to amortize the loan over 5 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You agreed to pay 3.11% interest rate on the loan. How many dollars in Interest will you pay during the second year of the loan? Round to the nearest penny and enter your answer in the box below. You have borrowed $47,059 from your parents and have agreed to amortize the loan over 5 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You agreed to pay 3.11% interest rate on the loan. How many dollars in Interest will you pay during the second year of the loan? Round to the nearest penny and enter your answer in the box below.
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To calculate the interest paid during the second year of the loan we need to determine the annual pa... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
Posted Date:
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