SOLUTION: A loan of $ 10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 11 %. Determine the year in which the interest portion of the payment
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Question 1192907: A loan of $ 10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 11 %. Determine the year in which the interest portion of the payment is most nearly equal to one-fifth of the payment.
The year that the interest portion of payment is most nearly equal to one-fifth of the payment =
?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
present value of the loan is 10,000
loan period = 30 years
interest rate = 11% per year.
year in which the interest payment is most nearly equal to one-fifth of the payment appears to be the end of year 29.
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