$20.000 loan is being repaid by installments of $400 at the end of each month for as long as necessary, plus a final smaller payment. If interest is at J12 = 12%, find the outstanding balance at the end of 3 years. %3D

$20.000 loan is being repaid by installments of $400 at the end of each month for as long as necessary, plus a final smaller payment. If interest is at J12 = 12%, find the outstanding balance at the end of 3 years. %3D

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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hey, can you please show the answer by manual and not on excel? Thank you.

$20.000 loan is being repaid by installments of $400 at the end of each month for as long as
necessary, plus a final smaller payment. If interest is at J12 = 12%, find the outstanding
balance at the end of 3 years.
%3D

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