Mr. Ramos is considering to pay his outstanding balance after 3 years of payment. The original amount of the loan is 100,000 payable annually in 5 years. If the interest rate is 10% per annum and the regular payment is 26,379.75 annually, how much is the outstanding balance after the 3rd payment?
Mr. Ramos is considering to pay his outstanding balance after 3 years of payment. The original amount of the loan is 100,000 payable annually in 5 years. If the interest rate is 10% per annum and the regular payment is 26,379.75 annually, how much is the outstanding balance after the 3rd payment?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Mr. Ramos is considering to pay his outstanding balance after 3 years of payment. The original amount of the loan is 100,000 payable annually in 5 years. If the interest rate is 10% per annum and the regular payment is 26,379.75 annually, how much is the outstanding balance after the 3rd payment?
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