Asked by irvin spies
with reference to previous question,what is the outstanding principle at the beginning of the second year,rounded to the nearest rand
Answers
Answered by
Reiny
beginning of 2nd year ---> end of first year.
I will assume the 12th payment has been made
outstanding balance
= 230000(1.01625)^12 - 3817.23( 1.01625^12 - 1)/.01625
= ....
I will assume the 12th payment has been made
outstanding balance
= 230000(1.01625)^12 - 3817.23( 1.01625^12 - 1)/.01625
= ....
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