Asked by Lindsey
A $10,000 loan is to be amortized for 10 years with quarterly payments of $349.72. If the interest rate is 7%, compounded quarterly, what is the unpaid balance immediately after the sixth payment? (Round your answer to the nearest cent.)
Answers
Answered by
Reiny
Assuming the payments are made at the end of a period to match the standard formulas
outstanding balance
= 10000(1.0058333...)^6 - 349.72( 1.0085333..^6 - 1)/.00853333...
= .....
outstanding balance
= 10000(1.0058333...)^6 - 349.72( 1.0085333..^6 - 1)/.00853333...
= .....
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