Question
In: Advanced Math
Tak took out a loan for $5,000 at 4% interest. To repay the loan he must...
Tak took out a loan for $5,000 at 4% interest. To repay the loan he must make a payment of $672.46 at the end of each year for 9 years. How much of his second payment is interest?
The question we are interested in is this: After he has made payments for 3 years, how much will he still owe?
Solutions
Expert Solution
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Dear student,
The problem is completely solved below.
I have explained how the interest and new balance is calculated after every payment.
Feel free to comment.
Colby Messinger answered 1 year agoRelated Solutions
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