Loan in annual payments

by | Nov 11, 2021 | Homework Help

You are planning on taking a loan for $ 61 ,000. You will repay the loan in annual payments over the next 10 years and the loan has a stated interest rate of 10 %. For the very last payment on your loan, how much of this is repayment of principal? For example, if the loan payment is $400 of which $30 is interest and $370 is principal, your answer is $370. Enter your answer to the nearest $.01. Do not use $ or , signs in your answer. Enter your answer as a positive number.

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