SOLUTION: A loan of $ 10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 14 %. Determine the year in which the interest portion of the payment

Question 1206631: A loan of $ 10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 14 %. Determine the year in which the interest portion of the payment is most nearly equal to one-third of the payment.
The year that the interest portion of payment is most nearly equal to one-third of the payment =
Answer by ikleyn(52794) (Show Source): You can put this solution on YOUR website!
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a TWIN problem is just solved under this link

https://www.algebra.com/algebra/homework/word/finance/Money_Word_Problems.faq.question.1206656.html

Consider it as your TEMPLATE and solve this current problem in the same way.

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