Question

a man borrows $ 5000 at 12% compound interest payable every 6 months is $ 1800 at the end of every six months. calculate the third payment he has to make at the end of 18 months in order to clean the entire loan.

Answer 1

Answer:

P(1)=$5000, r%=12, 1 Period=6 months

I(1)=5000*12*1/100=600

A(1)=5000+600=5600

P(2)=5600-1800=3800,r%=12, I for next 6 months

I(2)=3800*12*1/100=456

A(2)=3800+456=4256

P(3)=4256-1800=2456,r%=12, I for next 6 months

I(3)=2456*12*1/100=294.72

A(3)=2456+294.72=2750.72

Third peyment is $2750.72

Answer 2

Answer:

$hope \: its \: help \: uhh$