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An amortized loan is repaid with annual pay- ments which start at $400 at the end of the first year and increase by $45
Posted: Wed Apr 06, 2022 9:09 am
by answerhappygod
- An Amortized Loan Is Repaid With Annual Pay Ments Which Start At 400 At The End Of The First Year And Increase By 45 1 (64.6 KiB) Viewed 50 times
An amortized loan is repaid with annual pay- ments which start at $400 at the end of the first year and increase by $45 each year until a payment of $1480 is made after which they cease. If interest is 6.45% effective, find the amount of principal in the 14th payment. Round your answer to the nearest cent. Answer in units of dollars. Your answer must be within 0.0%