You receive a 4-year $13,000 negative amortization loan with an interest rate of 10% p.a., to...
You receive a 4-year $13,000 negative amortization loan with an interest rate of 10% p.a., to be repaid in four annual installments. The loan requires that you make total payments of $400 at t = 1, $100 at t = 2, and $300 at t = 3, with the remaining loan balance paid at maturity. What is the total payment amount at t = 4, rounded to the nearest dollar?
Homework Answers
Calculating Amount to be paid in Year 4,
13,000 = 400/(1.10) + 100/(1.10)2 + 300/(1.10)3 + C4/(1.10)4
C4 = $18,049.90
Amount paid in Year 4 = $18,049.90
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