Question
In: Finance
A loan of $20,000 is repaid through annual, end of year payments of $2,500 each. The...
A loan of $20,000 is repaid through annual, end of year payments of $2,500 each. The end of year final payment is reduced and the annual effective rate is 8%. Find the outstanding loan balance after $15,000 has been repaid.
Solutions
Expert Solution
Loan balance after $15000 payments = $13397.66
Please upvote if satisfied
jeff jeffy answered 1 year agoRelated Solutions
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please explain, having much trouble with this problem,
Thanks!
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