Assignment 2 - Compound Interest

Assignment 2 - Compound Interest - 7 8,000 640 8,640 640...

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Jennifer DePuy 403-469-832 Details: Pay loan of $20,000 in 10 years with interest rate of 8% Plan of action:  Pay $2,000 principal plus interest due Year Interest 1 20,000 1600 21,600 1600 2000 3600 2 18,000 1440 19,440 1440 2000 3440 3 16,000 1280 17,280 1280 2000 3280 4 14,000 1120 15,120 1120 2000 3120 5 12,000 960 12,960 960 2000 2960 6 10,000 800 10,800 800 2000 2800
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Unformatted text preview: 7 8,000 640 8,640 640 2000 2640 8 6,000 480 6,480 480 2000 2480 9 4,000 320 4,320 320 2000 2320 10 2,000 160 2,160 160 2000 2160 Subtotal 8800 20000 28800 Balance at the beginning of the year Balance at the end of the year Interest payment Principal payment Total payment...
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This note was uploaded on 03/28/2011 for the course ENGR 110 taught by Professor . during the Winter '10 term at UCLA.

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