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A $17,000 loan is to be amortized for 10 years with quarterly payments of $649.02. If...

A $17,000 loan is to be amortized for 10 years with quarterly payments of $649.02. If the interest rate is 9%, compounded quarterly, what is the unpaid balance immediately after the sixth payment?

(Round the answer to the nearest cent.)

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Answer #1

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Where, P = Loan amount = $17,000

C = Quarterly Payment = $649.02

r = Periodic Interest rate= 9%/4 = 2.25%

n= no of periods = 6

Unpaid Balance = $15,308.18

So, the unpaid balance immediately after the sixth payment is $15,308.18

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