Answer to Question #241619 in Accounting for Manish Kumar

Question #241619

R has a ten-year loan of $95685 at 6% interest. What payment will R make in the seventh year?

 


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Expert's answer
2021-09-28T18:13:12-0400

A=P(1+r/100)nA=P(1+r/100)^n

r=6%r=6\%

first year, A== 95685×1.06=101426.195685\times 1.06=101426.1

2nd year, A=101426.1×1.06=107511.666A=101426.1\times1.06=107511.666

3rd, A=107511.666×1.06=113962.366A=107511.666\times 1.06=113962.366

4th year, A=113962.366×1.06=120800.1079A=113962.366\times 1.06=120800.1079

5th year, A=120800.1079×=128048.1144A=120800.1079\times =128048.1144

6th year, A=128048.1144×1.06=13573.0013A=128048.1144\times 1.06=13573.0013

7th year, A=135731.0013×1.06=$143874.8613A=135731.0013\times 1.06=\$143874.8613


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