A loan of $10,000 is repaid over 10 years with annual payments of $1358.68 at j1 = 6%.How much of the 6th payment goes towards interest using the sum of digits method?
A) $391.29
B) $343.39
C) $326.07
D) $260.86
Correct Answer:
Verified
Q39: A loan of $36,000 is to be
Q40: A company borrows $100,000 with interest at
Q41: A loan at j12 = 6%,is being
Q42: A debt of $15,000 with interest at
Q43: A $6000 loan is to be repaid
Q45: A 10 year $25,430 loan is being
Q46: A woman takes out a loan to
Q47: Jim takes out a $10,000 loan at
Q48: A loan for $15,000 is taken out
Q49: A loan is being repaid over 8
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents