Ask Question
12 March, 18:29

You borrowed $30,000 at a rate of 8% and must repay it in three equal installments at the end of each of the next 3 years. How large would your payments be; how much of the first payment would represent interest, how much would be principal

+3
Answers (1)
  1. 12 March, 22:25
    0
    In order to solve this problem we will perpere the amortization schedule

    As follows

    Year Amount Interest 3 Equal Total Closing

    8% Instalment Payment Amount

    1 30000 2400 10000 12400 20,000

    2 20,000 1600 10000 11600 10,000

    3 10,000 800 10000 10800 -
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You borrowed $30,000 at a rate of 8% and must repay it in three equal installments at the end of each of the next 3 years. How large would ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers