3. Ammortization of Loan - Copy
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Amortizat ion of Loans 3 3 McGraw-Hill Ryerson© 14 - 1 Chapt er 14 o f
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Transcript of 3. Ammortization of Loan - Copy
No Slide TitlePV =
n =
i =
9500
.105/12
A $9,500 personal loan at 10.5% compounded monthly is to be repaid over a 4-year term by equal monthly payments.
A. Calculate the interest and principal components of the 29th payment. B. How much interest will be paid in the second year of the loan?
McGraw-Hill Ryerson©
First: … find the balance after the 28 payments
A $9,500 personal loan at 10.5% compounded monthly is to be repaid over a 4-year term by equal monthly payments.
A. Calculate the interest and principal components of the 29th payment.
McGraw-Hill Ryerson©
14 - *
First:… find the balance after 1 Year, and the balance after 2 Years
A $9,500 personal loan at 10.5% compounded monthly is to be repaid over a 4-year term by equal monthly payments.
n =
i =
9500
.105/12
A $9,500 personal loan at 10.5% compounded monthly is to be repaid over a 4-year term by equal monthly payments.
A. Calculate the interest and principal components of the 29th payment. B. How much interest will be paid in the second year of the loan?
McGraw-Hill Ryerson©
First: … find the balance after the 28 payments
A $9,500 personal loan at 10.5% compounded monthly is to be repaid over a 4-year term by equal monthly payments.
A. Calculate the interest and principal components of the 29th payment.
McGraw-Hill Ryerson©
14 - *
First:… find the balance after 1 Year, and the balance after 2 Years
A $9,500 personal loan at 10.5% compounded monthly is to be repaid over a 4-year term by equal monthly payments.
