The amount of interest in the twentieth payment

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Reference no: EM131318996

A loan of $45,999.55 is to be repaid by payments at the end of each quarter for eight years. Each payment is 4% higher than its predecessor. The loan is made at a nominal rate of discount of 4% payable quarterly. Find the balance just after the 20th payment, the amount of interest in the twentieth payment, and the amount of principal in thetwentieth payment. (Round your answers to the nearest cent.)

a. balance after 20th payment

b. amount of interest in 20th payment

c. amount of principal in 20th payment

Can you please do this problem using the BA II calculator and explain how to do it?

Reference no: EM131318996

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