A corporation takes out a $100,000 loan to be repaid over 6-years with quarterly payments at j₄ = 10%.The total interest to be paid on the loan over the 6 years is $34,190.77.Using the sum of digits method,the outstanding balance of the loan immediately after the 16^th payment is $40,627.40.How much of the 17^th payment goes towards interest using the sum of digits method?

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The Answer of A corporation takes out a $100,000 loan to be repaid over 6-years with quarterly payments at j₄ = 10%.The total interest to be paid on the loan over the 6 years is $34,190.77.Using the sum of digits method,the outstanding balance of the loan immediately after the 16^th payment is $40,627.40.How much of the 17^th payment goes towards interest using the sum of digits method?

A Corporation Takes Out a $100,000 Loan to Be Repaid