Apple Bank makes a loan to Harry at 12.5 percent per year to be repaid by level annual payments for t years. Exactly one year be

Question

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Apple Bank makes a loan to Harry at 12.5 percent per year to be repaid by level annual payments for t years. Exactly one year be

fore the loan is to be terminated, Harry notices that the decrease in outstanding loan balance since he took out the loan is 18,027.36. Harry's last payment contains 461.58 in interest paid. a. Find the principal paid in the second payment. b. Find the total interest paid in the first three years c. Exactly what was the term of Harry's loan? d. Find OLB

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1 answer:

Stels [109] · Answer 1 · 2022-02-10T10:57:37+03:00

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

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