Trent borrowed $30,000, which he will repay with quarterly payments of $2100, and a final, smaller...

Trent borrowed $30,000, which he will repay with quarterly payments of $2100, and a final, smaller payment. The interest rate on the loan is 6.2% compounded monthly. How much interest will Trent pay altogether during the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places.) Total interest $

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Ans:

Total Interest payment will be $4210.80. Working is attached in excel sheet. One sheet for values and other for formulas learning.

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ekkarill92 answered 2 years ago

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