You took out a loan that must be repaid with level payments at the end of each year. The loan has an annual effective rate of interest of 6%. The outstanding balance at the end of the seventh year was $22,000 and the outstanding balance at the end of the tenth year was $18,000. What is your payment on the loan? Round your answers to two decimal places.
Please give me a specific solution don't use excel.
1. You took out a loan that must be repaid with level payments at the end of each year. The loan has an annual effective rate of interest of 6%. The outstanding balance at the end of the seventh year was $22,000 and the outstanding balance at the end of the tenth year was $18,000. What is your payment on the loan? Round your answers to two decimal places.
2.You take out a loan that must be repaid with level payments made at the end of each of the next 14 years. The loan has an annual effective rate of interest of 7%. You know that P8 = $854.50. Compute the following. Round your answers to two decimal places. a) Payment ? b) Loan Amount ?
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