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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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
Transcribed Image Text: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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