A $12,000 loan is to be amortized for 10 years with quarterly payments of $383.06. If the interest rate is 5%, compounded quarterly, what is the unpaid balance immediately after the sixth payment? (Round your answer to the nearest cent.)
Unpaid balance immediately after the sixth payment | = | Present value of remaining quarterly payments | ||||||
= | quarterly payment | * | Present value of annuity of 1 | |||||
= | $ 383.06 | * | 27.56046 | |||||
= | $ 10,557.31 | |||||||
Working: | ||||||||
Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | |||||
= | (1-(1+0.0125)^-34)/0.0125 | i | = | 5%/4 | = | 0.0125 | ||
= | 27.5604564 | n | = | (10*4)-6 | = | 34 |
A $12,000 loan is to be amortized for 10 years with quarterly payments of $383.06. If...
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