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Title: A loan of $10 000.00 is repaid by quarterly payments of $1000.00 each at 12% compounded quarterly. ... Post by: majarm on Nov 27, 2017 A loan of $10 000.00 is repaid by quarterly payments of $1000.00 each at 12% compounded quarterly. What is the principal repaid by the 11th payment?
Title: Re: A loan of $10 000.00 is repaid by quarterly payments of $1000.00 each at 12% compounded ... Post by: yacom on Nov 27, 2017 n = = = = 12.06662371
PVn = 1000 = 1000(1.975284483) = $1975.28 Interest = 1975.28(0.03) = $59.26 Principal repaid = 1000 - 59.26 = $940.74 |