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Loan Consolidated Incorporated (LCI) is offering a special one-time package to reduce Custom Autos’ outstanding bills...

Loan Consolidated Incorporated (LCI) is offering a special one-time package to reduce Custom Autos’ outstanding bills to one easy-to-handle payment plan. LCI will pay off the current outstanding bills of $200,000 for Custom Autos if Custom Autos will make an annual payment to LCI at a 9% interest rate over the next 12 years.

. What portion of the eighth payment is used to pay for interest?

. What portion of the tenth payment is used to pay for principal?

. What is the total interest expense on the loan over the 12 years?

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jeff jeffy answered 1 year ago
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