A loan of EGP 30,000 is to be amortized with 10 equal monthly payments at j12...

A loan of EGP 30,000 is to be amortized with 10 equal monthly payments at j12 = 12%. Find the outstanding principal after paying the third monthly payment.

choose:

21310.04

3167.9

24235.56

Expert Solution

The balance after paying the third monthly payment is 21,310.04

Please see the amortization schedule for calculations:

Screenshot with formulas

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jeff jeffy answered 2 years ago

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