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What is the total payment for the fourth year

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Question - Ms Maisam is a businesswoman, and she takes out R.O 20,000, five-year loan at 10%. the following table is extracted from the amortization schedule for the loan.

Year

Beginning Balance

Principal Paid

1

20,000.00

3,275.95

2

16,724.06

3,603.54

3

13,120.52

3,963.89

4

9,156.62

4,360.28

5

4,796.34

4,796.34

Required - What is the total payment for the fourth year?

Reference no: EM133027332

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