On january 1 2016 you take out a 10000 loan to purchase a


On January 1, 2016, you take out a $10,000 loan to purchase a piece of equipment. The interest rate is 6%. You will make monthly payments of $300 on the first of each month, beginning February 1, 2016, until the loan matures. On the maturity date of the loan, which is January 1, 2019, you must repay the remaining loan balance in full. How much will you have to repay at the end of the loan term?

This is how I attempted to solve the problem. Please let me know if I'm wrong

10,000(1+3(.06))=11,800

@300/month = 3600/ year

After 3 years = 10,800

11,800-10,800=1,000

1,000 is left for repayment in full

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Financial Management: On january 1 2016 you take out a 10000 loan to purchase a
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