Question:You borrowed Ȼ10,000 at 14% compound annual interest for four
(4) years. The loan is repayable...
Question
You borrowed Ȼ10,000 at 14% compound annual interest for four
(4) years. The loan is repayable...
You borrowed Ȼ10,000 at 14% compound annual interest for four
(4) years. The loan is repayable in four equal installments payable
at the end of the year
i. What is the annual payment that will amortize completely
the loan over four years (you may wish to round to the nearest
dollar)
ii. Of each equal payment, what is the amount of interest and
the amount of loan principal?