Single payment loan repayment Personal Finance Problem end of any earier year wi

Question

Single payment loan repayment Personal Finance Problem end of any earier year with no prepayment penality A person boro ws S 190 to be repaid n 8 years with 16% anually compounded interest The loan may be repaid at te a. What amount will be due if the loan is repaid at the end of year 1? b. what is the repayment at the end of year 4? c. What amount is due at the end of the eighth year? a. The amount due if the loan is repaid at the end of year 1s(Round to the nearest cent) b. The repayment at the end of year 4 is $Round to the nearest cent.) c. The amount due at the end of the eighth year is $(Round to the nearest cent)

Explanation / Answer

a)Final=initial*(1+r)^n
=190*(1+16%)^1=220.40
b)=190*(1+16%)^4=344.02
c)=190*(1+16%)^8=622.90

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