Apple Bank makes a loan to Harry at 12.5 percent per year to be repaid...
70.2K
Verified Solution
Link Copied!
Question
Accounting
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 before 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. Harrys 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 Harrys loan?
d. Find OLB3 (outstanding loan balance at time 3)?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
