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Popular Word Problems >

Work an amortization for a loan of 24,593 with an APR of 7.8% for 5 years. What is the BALANCE of the loan after for the 15th payment?

Solution

W or k an am or t i z a t i o n f or a l o an o f 24, 593 w i t h an A PR o f 7.8% f or 5 ye a rs . Wha t i s t h e B A L A NCE o f t h e l o an a f t er f or t h e 15 t h p a y m e n t ?

Solution

Amount : 34184.27

Solution steps

Translate the problem into an equation:

A = 24593 (1 + 0.078 \cdot 5)

24593 (1 + 0.078 \cdot 5) = 34184.27

Amount : 34184.27

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