Jonathan borrowed $10,000 at 6% annual compound interest. He agreed to repay the loan with five equal annual payments of $2,373.96 at end-of-years 1-5. How much of the annual payment is interest, and how much principal is there in each annual payment? Fill in the table below. (Round to the nearest cent.) Payment 1 2 3 4 5 Principal Payment $0 $ S $ 1100000 Interest Payment

Jonathan borrowed $10,000 at 6% annual compound interest. He agreed to repay the loan with five equal annual payments of $2,373.96 at end-of-years 1-5. How much of the annual payment is interest, and how much principal is there in each annual payment? Fill in the table below. (Round to the nearest cent.) Payment 1 2 3 4 5 Principal Payment $0 $ S $ 1100000 Interest Payment

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please explain step by step, (Engineering Econ)

Jonathan borrowed $10,000 at 6% annual compound interest. He agreed to repay the loan with five equal annual payments of $2,373.96 at end-of-years 1-5. How much of the annual payment is interest, and how much principal is there in each annual payment?
Fill in the table below. (Round to the nearest cent.)
Payment
1
2
3
4
5
C
Principal
Payment
$
$
$
$
S
Interest
Payment
S
$
$
$
S

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