Question
You want to borrow $38,143. You must repay the loan in 10 years in equal monthly payments and a single $2,959 payment at the end
You want to borrow $38,143. You must repay the loan in 10 years in equal monthly payments and a single $2,959 payment at the end of 10 years. Interest rate is 5.1% nominal per year.
What will be the loan balance immediately after the 58th payment?
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The Bank Credit Analysis Handbook
Authors: Jonathan Golin, Philippe Delhaise
2nd Edition
0470821574, 978-0470821572
