Calculating outstanding balance after the payment

Assignment Help Financial Management

Reference no: EM131333965

An amortized loan is repaid with annual payments which start at $400 at the end of the first year and increase by $45 each year until a payment of $1,48- is made, after which they cease. If interest is 4% effective, find the amount of principal in the fourteenth payment.

Solve by calculating outstanding balance after the 13th payment.

Reference no: EM131333965

Questions Cloud

Reproduction involves union of sex cells : What type of reproduction involves union of sex cells and their nuclei?

Research and create a report on the political battle : Based on your understanding of the topic, conduct a research and create a report on the political battle for universal healthcare in the United States

Lipid soluble hormone and a protein hormone : What are the primary differences between a steroid/lipid soluble hormone and a protein hormone?

Internal and external validity be increased in an experiment : How can internal and external validity be increased in an experiment?

Calculating outstanding balance after the payment : An amortized loan is repaid with annual payments which start at $400 at the end of the first year and increase by $45 each year until a payment of $1,48- is made, after which they cease. If interest is 4% effective, find the amount of principal in th..

Identify the structure and function of the urinary system : Identify the structure and function of the urinary system. Identify the major structures found in the system. Define the function of this system

Design an algorithm that makes the following exchange : The arrows indicate that b is to assume the value of α, c the value of b, and so on.

Forward rate to be between japanese yen and british pounds : The Current Exchange Rate between Japan and U.K. is One British Pound Equals 120 Japanese Yen. The one year Annual Interest Rate in Japan is 1%, while the Annual Interest Rate in U.K. is 3%. Given this, what would you expect the Forward Rate to be be..

Create post-closing trial balance for next accounting period : ACC 201- You will use the Post Closing Trial Balance tab in your workbook to do the following: Prepare the post-closing trial balance for the next accounting period.

User Account

All Pages