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A loan of $39,999.55 is to be repaid by payments at the end of each quarter for eight years. Each payment is 4% higher than its predecessor. The loan is made at a nominal rate of discount of 4% payable quarterly. Find the balance just after the 20th payment, the amount of interest in the twentieth payment, and the amount of principal in the twentieth payment. (Round your answers to the nearest cent.) balance after 20th payment 2$ amount of interest in 20th payment $ amount of principal in 20th payment

A loan of $39,999.55 is to be repaid by payments at the end of each quarter for eight years. Each payment is 4% higher than its predecessor. The loan is made at a nominal rate of discount of 4% payable quarterly. Find the balance just after the 20th payment, the amount of interest in the twentieth payment, and the amount of principal in the twentieth payment. (Round your answers to the nearest cent.) balance after 20th payment 2$ amount of interest in 20th payment $ amount of principal in 20th payment

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A loan of $39,999.55 is to be repaid by payments at the end of each quarter for eight years. Each payment is 4% higher than its predecessor. The loan is made at a nominal rate of discount of 4% payable quarterly. Find the balance just after the 20th payment, the amount of interest in the twentieth payment, and the amount of principal in the twentieth payment. (Round your answers to the nearest cent.) balance after 20th payment amount of interest in 20th payment amount of principal in 20th payment
Transcribed Image Text:A loan of $39,999.55 is to be repaid by payments at the end of each quarter for eight years. Each payment is 4% higher than its predecessor. The loan is made at a nominal rate of discount of 4% payable quarterly. Find the balance just after the 20th payment, the amount of interest in the twentieth payment, and the amount of principal in the twentieth payment. (Round your answers to the nearest cent.) balance after 20th payment amount of interest in 20th payment amount of principal in 20th payment
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