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
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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(52792) (Show Source):
