Lou Lewis borrows $15,000 to be repaid over 12 years at 11 percent. Repayment of principal...
Lou Lewis borrows $15,000 to be repaid over 12 years at 11 percent. Repayment of principal in the first year is: Use Appendix D to calculate the answer.
Homework Answers
Assuming payment is made at the end of each year, as nothing is specified in the question
i = 11%
t = 12 yrs
Loan = 15000
Annual loan payments = 15000 * (A/P, 11%,12)
= 15000 * 0.154027
= 2310.41
Interest payment in first payment = 15000 * 0.11 = 1650
Principal payment in first payment = 2310.41 - 1650 = 660.41
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Lou Lewis borrows $15,000 to be repaid over 12 years at 11
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