Explanation Given Information: The consumer takes a loan for $ 631 at 7 % annual interest and pay off $ 349 at the end of each year for two years. Formula used: The balance equation; [ balance at beginning of next year ] = [ balance at beginning of previous year ] + [ interest on balance for previous year ] Calculation: Total amount of loan taken by the customer is $ 631 with the 7 % annual interest rate and pay $ 349 at the end of each year, In two-year case balance remain after first year amount pay will be equal to the balance at the start of the second year So, by the balance equation [ balance at beginning of next year ] = [ balance at beginning of previous year ] + [ interest on balance for previous year ] After first year or in starting of second year assume balance at beginning of first year is ( <

12th Edition

ISBN: 9781323788707

Author: Goldstein

Publisher: PEARSON

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Chapter 12.1, Problem 23E

To determine

To calculate: The balance of the loan after first year payment. If consumer take a loan for $631 at 7% annual interest and pay off $349 at the end of each year for two years.

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Chapter 12.1, Problem 22E

Chapter 12.1, Problem 24E

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Chapter 12 Solutions

FINITE MATHEMATICS & ITS APPLICATIONS

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The balance of the loan after first year payment. If consumer take a loan for $ 631 at 7 % annual interest and pay off $ 349 at the end of each year for two years.

Solution Summary: The author calculates the balance of the loan after first year payment. The amount of loan taken by the customer is 631 with the 7% annual interest rate.

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To calculate: The balance of the loan after first year payment. If consumer take a loan for $631 at 7% annual interest and pay off $349 at the end of each year for two years.

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Chapter 12 Solutions