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...
= .....
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.)
1 answer
1 answer