A Loan of Size a Is to Be Amortized by Monthly

question 54

Multiple Choice

A loan of size A is to be amortized by monthly payments of $1000.The rate of interest on the loan is j₁₂ = 18%.The outstanding balance immediately after the 4^th monthly payment is $12,000.How much principal is repaid in the 12^th monthly payment?

• A)$923.72
• B)$914.50
• C)$910.07
• D)$896.62

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