Homework question help needed

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

You just took out a $12,000 loan for your small business. The loan has a 4 year term and repayment is in the form of 4 equal end-of-year payments. The interest rate on the loan is 11.5%. Consider the final loan payment. How much principal do you pay in the final payment?

Jun 24th, 2015

Thank you for the opportunity to help you with your question!

Answer to your question is

$3,506.09

All the best and thanks for working with me

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 24th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jun 24th, 2015
...
Jun 24th, 2015
Oct 20th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer