SOLUTION: Juan negotiates a ten year loan which requires him to pay $1400 per month for the first five years, and $1700 for the remaining years.The interest rate is 10%, compounded monthly,

Question 1192911: Juan negotiates a ten year loan which requires him to pay $1400 per month for the first five years, and $1700 for the remaining years.The interest rate is 10%, compounded monthly, and the first payment is due in one month.Determine the amount of principal in the 25th payment.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
i believe i was able to solve this using excel.
below are displays of excerpts from that excel analysis.

the display shows that the payments are 1400 dollars a month starting at end of month 1.
it shows that the interest part of the payment is 666.76 and the principal part of the payment is 1033.24 at end of month 25.
it shows that the payment becomes 1700 starting at the end of month 61.
it shows that the remaining balance is equal to 0 at the end of month 120.

let me know if you have any questions.
theo

RELATED QUESTIONS
uan negoitiates a ten year loan which requires him to pay $ 1,400 per month for the first (answered by CPhill)

Scott plans to attend college and he starts saving $200 per month to pay for it. He... (answered by ikleyn)

You have $400,000 saved for retirement. Your account earns 9% interest compounded... (answered by ElectricPavlov,ikleyn)

Joseph bought a town house in Northriding, Johannesburg, for R700 000 in 2007. He paid a... (answered by Theo)

Mr Patel intends to start a dry cleaning business and wishes to borrow money for this... (answered by Theo)

Hi, I really would appreciate a bit of help with this problem: Suppose that you... (answered by rothauserc)

Suppose you can afford to pay at most $2650 per month for a mortgage payment. If the... (answered by Theo,ikleyn)

PLEASE HELP ME I URGENTLY NEED IMMEDIATE HELP ON THIS PROBLEM: " Ms. Martin was... (answered by scott8148)

Find the required annual interest rate to the nearest tenth of a percent for $1400 to... (answered by stanbon)