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  3. yassine took a loan of $6,744.29. the rate of inte

Yassine took a loan of $6,744.29. The rate of interest is 5% compounded annually. The loan...

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Advance Math

Yassine took a loan of $6,744.29. The rate of interest is 5%compounded annually. The loan is to be repaid by annual payments of$500 at the end of each year for 23 years. What is the outstandingbalance of the loan after the third payment?
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Answer & Explanation Solved by verified expert
3.9 Ratings (427 Votes)
Total amount paid at the end of 23 years 500x23 11500At the end of the first year the interest amount Principal xRate x Time100 674429 x 5 x 1100    See Answer
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