Question 1194196
with payments of 14,000 at the end of each year, the remaining balance will never go down to 0 because the interest charged is greater than the payment.
i looked at what payment would make more sense and came up with 34,000.
using that, i get the following.
payments were 34000 at the end of each year except for the end of the 9th year.
at the end of the 9th year, the payment was 20307.84635...
the reason?
payment of 34000 at the end of the 9th year would have made the balance equal to -13692.15365.
to get the remaining balance to 0, that 13692.15365 had to be subtracted from the payment to get final payment of 20307.84635....
here's what the excel display looks like.
<img src = "http://theo.x10hosting.com/2022/051201.jpg" >
let me know if you have any questions.
theo