Outstanding loan that calls for equal annual payments


Gertrude Carter and Co. has an outstanding loan that calls for equal annual payments of $14,903 over the 10-year life of the loan. The original loan amount was $100,000 at an APR of 8 percent. How much of the third payment is interest?

Do not enter the symbol $ in your answer. Simply enter the answer rounded off to two decimal points.

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Outstanding loan that calls for equal annual payments
Reference No:- TGS0878474

Expected delivery within 24 Hours