79,777 views
31 votes
31 votes
A woman borrows ​$ 6,000 at 12​% compounded​ monthly, which is to be amortized over 3 years in equal monthly payments. For tax​ purposes, she needs to know the amount of interest paid during each year of the loan. Find the interest paid during the first​ year, the second​ year, and the third year of the loan. ​[Hint: Find the unpaid balance after 12 payments and after 24​ payments.]

User SilentSin
by
2.7k points

1 Answer

16 votes
16 votes

Answer:

nsdjdhbdeihddjjdoeuriehdisueueeuhd

User Ruckert Solutions
by
2.2k points