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What is the current balance remaining on the loan

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One year ago you borrowed $10000 at an annual interest rate of 12% (1% per month) to be repaid in 36 monthly installments of $332.14 each. You have made 12 payments on the loan.

-What is the current balance remaining on the loan? (Hint: What is the relationship between the present value of the remaining payments to be made on the loan and its current balance?)

-What will be the balance owed on the loan one year from now if all payments are made as scheduled?

-What is the dollar amount of interest to be paid on the loan in the coming year? (Hint: The answers to a and b are very useful in answering c.)

Reference no: EM132641873

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