Monthly payments of $484.99 are to be made on a loan of $20,000 at 7.7% compounded quarterly for four years. How much principal is paid off in the 20 th payment?

Question

Monthly payments of $484.99 are to be made on a loan of $20,000 at 7.7% compounded quarterly for four years. How much principal is paid off in the 20 th  payment?

chanel eades · Accepted Answer

Final Answer : $403.35

Monthly payments of $484.99 are to be made on a loan of $20,000 at 7.7% compounded quarterly for four years. How much principal is paid off in the 20^th payment?

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Learning Objectives

Related questions

Monthly payments of $484.99 are to be made on a loan of $20,000 at 7.7% compounded quarterly for four years. How much principal is paid off in the 20th payment?

Definitions

Learning Objectives

Learning Objectives

Related questions

Monthly payments of $484.99 are to be made on a loan of $20,000 at 7.7% compounded quarterly for four years. How much principal is paid off in the 20^th payment?