Homework Answers
Annual payment = Loans ÷ [(1-(1/(1+r^n)))/r]
= 14,663.61 ÷ [((1-(1/(1.07^6)))/0.07]
= $3,076.36
Remaining balance = $ 10,420.29
= 3076.36*((1-(1/(1.07^4)))/0.07)*0.07
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