Calculate the principal repaid during the 10th year

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Reference no: EM13181054

Kate and John buy a block of land for $140,000 by paying $10,000 deposit and then taking out a loan for the remainder. The loan will be repaid with quarterly instalments over 15 years with interest at j4 = 7.7%. They know that the instalment payable at the end of each quarter is $3672.23, and that the loan outstanding after 9 years is $70050.31.

Calculate the principal repaid during the 10th year.

Reference no: EM13181054

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