a loan of 2000 is being amortized over 48 months at a interest rate of 12 peecent compounded monthly, the outstanding loan at the beginning of 36 month is ?

Answer 1

i = .12/12 = .01

payment:
p(1.01^48 - 1)/.01 = 2000
p = 32.67

outstanding balance after 35 payments
= 2000(1.01)^35 - 32.67(1.01^35 - 1)/.01
= ....

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