A loan of 10000 is being repaid with payments of 500, Financial Accounting

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A loan of 10000 is being repaid with payments of 500

A loan of 10,000 is being repaid with payments of 500 starting one month after the loan is made and lasting as long as necessary. A final smaller payment is made one month after the last regular payment of 500.

What is the amount of the additional smaller payment using an interest rate of 12% compounded monthly?

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Financial Accounting: A loan of 10000 is being repaid with payments of 500

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Financial Accounting: A loan of 10000 is being repaid with payments of 500

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