Calculate the interest portion of the fourth 4th payment


The following loan is fully amortizing. The loan is for $13,000 at 11% interest to be repaid over three (3) years. Amortize this loan on a monthly basis. Calculate the interest portion of the fourth (4th) payment considering that an additional payment of $2,000 was made with the second payment. (Read this carefully)

Solution Preview :

Prepared by a verified Expert
Finance Basics: Calculate the interest portion of the fourth 4th payment
Reference No:- TGS02573357

Now Priced at $10 (50% Discount)

Recommended (95%)

Rated (4.7/5)