Question
You need $13,000 to purchase a used car. your wealthy uncle is willing to lend you the money as an amortized loan. He would like
You need $13,000 to purchase a used car. your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 4 years, with the first payment to be make one year from today.
What will be your annual loan payments?
How much of your first payment will be applied to interest and to principla payments?
Interest;
Principle repayment:
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The Complete Personal Finance Handbook
Authors: Teri B Clark
1st Edition
160138047X, 978-1601380470
