A mobile home worth $41,000 is purchased with a down payment of $6,000 and monthly month-end...

A mobile home worth $41,000 is purchased with a down payment of $6,000 and monthly month-end payments for 15 years. If the interest rate is 9% per annum compounded monthly, determine the balance just after the 10^th payment, in 2 decimal places.

Expert Solution

The loan amount is taken as 41000 - 6000 = $35000

The balance remaining payable at the end of the 10th payment with the payments made at the end of the year is $34043.22

A picture of the excel table has been attached for your better understanding!

jeff jeffy answered 2 years ago

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