show work please If your loan documents show your pay off plan consists of an initial...
show work please
If your loan documents show your pay off plan consists of an
initial payment of $1,000
and nine more annual payments that decrease ? =$50 each year, how
much do you owe
to the bank now? (? = 6%)
Homework Answers
total payment = 10
first payment = 1000
Rest of the nine payments decrease by 50
i = 6%
P = 1000*(P/A,6%,10) - 50*(P/G,6%,10)
= 1000*7.360087 - 50*29.602321
= 5879.97
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