Question 1200838
i used excel to solve this.
i first used a financial calculator to solve for the payment required.
the payment required at the end of each momth is equal to 30858.37791.


after the 120th payment is made, john still owes the bank $2,802,539.87.


the interest on the 121st payment is equal to $28,025.40	

the principal on the 121st payment is equal to $2,832.98


this can be seen in the excerpts from the excel worksheet shown below:


<img src = "http://theo.x10hosting.com/2023/030811.jpg">


<img src = "http://theo.x10hosting.com/2023/030812.jpg">


the remaining balance at the end of the 120th payment is multiplied by .01 to get the interest at the end of the 121st payment.
that is then subtracted from the payment to get the principal at the end of the 121st payment.