Apple Bank makes a loan to Harry at 12.5 percent per year to be repaid...
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Accounting
Apple Bank makes a loan to Harry at 12.5 percent per year to be repaid by level annual payments for t years. Exactly one year before the loan is to be terminated, Harry notices that the decrease in outstanding loan balance since he took out the loan is 18,027.36. Harrys last payment contains 461.58 in interest paid.
a. Find the principal paid in the second payment.
b. Find the total interest paid in the first three years
c. Exactly what was the term of Harrys loan?
d. Find OLB3 (outstanding loan balance at time 3)?
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