rodneysents2927 rodneysents2927

23-07-2020
Business

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Jack and Jill borrow $21,000 at 7.2% amoritzed over 6 years to drill a well and renovate their kitchen and bathrooms. Assuming that the monthly principal and interest payments are made as agreed, what is the loan balance at the end of 3 years

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jepessoa jepessoa

27-07-2020

Answer:

I prepared an amortization schedule on an excel spreadsheet:

monthly payment = $360.05

after the 36th payment is made, the loan's principal balance = $11,626.23

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