Homework Answers
Solution:
Annual installment = $82,000 / Cumulative PV factor at 11% for 30 periods
= $82,000 / 8.69379 = $9,432
| Payment No | Portion to | Balance of loan outstanding | |
| Interest | Principal | ||
| 1 | $9,020 | $412 | $81,588 |
| 2 | $8,975 | $457 | $81,131 |
| 3 | $8,924 | $508 | $80,623 |
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1
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2
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$
3
$
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