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You borrowed $30,000 at a rate of 8% and must repay it in three equal installments at the end of each of the next 3 years. How large would your payments be; how much of the first payment would represent interest, how much would be principal

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haseebkhuhro256

Answer:

Explanation:

In order to solve this problem we will perpere the amortization schedule    

As follows      

     

Year  Amount     Interest   3  Equal       Total                   Closing                                          

                                    8%                  Instalment        Payment              Amount

1         30000      2400             10000               12400           20,000  

2         20,000       1600              10000        11600            10,000  

3         10,000        800              10000         10800                   -    

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