** USE FORMULA TO SOLVE THIS PROBLEM (NO EXCEL PLEASE!!!) (3) An amortized loan is repaid with annual payments which st...

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Question

(3) An amortized loan is repaid with annual payments which start at $400 at the end of the first year and increase by $45 eac

** USE FORMULA TO SOLVE THIS PROBLEM (NO EXCEL PLEASE!!!)

Answer 1

Answer #1

Answer: - the amount of principal in the fourteenth payment is OLB = PV of 12 pays. the 14th goyment =985 OLR13 = 985 Q12144.

Answer 2

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