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What is the principal left

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Mr. Morningstar borrowed today €280653 from a bank at a 2.9% APR, monthly compounded. Mr. Morningstar is going to pay this loan in constant monthly payments. The first monthly payment occurs one year from now (grace period) and the last in 42 years from now. Assume that Mr. Morningstar is required to compensate the Bank with interests from the grace period.

Each monthly payment is 1001.74 euro.

What is the principal left to pay IMMEDIATELY BEFORE the 36th payment?

Reference no: EM133253158

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