Mark A 10,000 loan is being repaid over 5 years with monthly end-of-the-month installments at a...
Mark A 10,000 loan is being repaid over 5 years with monthly end-of-the-month installments at a 15% annual effective rate of interest. Find the amount of principal repaid in the 20th payment.
A.131
B.145
C.175
D.191
E.211
Homework Answers
Converting effective rate to nominal:-
=NOMINAL(15%,12)
=14.06%
the amount of principal repaid in the 20th payment is calculated using the PPMT function:
=PPMT(rate,per,nper,pv,fv,0)
=PPMT(14.06%/12,20,5*12,10000,,0)
=145
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