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Balance of the loan at the end of year one

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Reference no: EM132473401

Problem: You borrow $50,000. This loan will be paid back over 6 years, with payments made at the end of each year. The interest rate charged on the loan is 9%.

1) What is the balance of the loan at the end of year one?

A. $38,568

B. $39,731

C. $41,229

D. $43,354

2) How much interest was paid in year three?

A. $3,250

B. $4,115

C. $4,985

D. $5,221

Reference no: EM132473401

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