Joe borrowed $2500 at 4.5% compounded monthly. After one year he paid $1000 toward the outstanding...
Joe borrowed $2500 at 4.5% compounded monthly. After one year he paid $1000 toward the outstanding balance. How much will Joe owe after three years?
(Using Financial calculator method (BAII) by showing inputs within calculator)
Homework Answers
Answer
A=p(1+r÷n)nt
Amount after year1=
P=2500
r=4.5
=2500(1+4.5÷n)nt
=2614.85
outstanding after repayment =2614085-1000
=1614.85
outstanding after year3(remaining 2 years) =
p=1614.85
r=4.5
=1614.85(1+4.5÷n)nt
=1766.63
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