Your company has just taken ou
Your company has just taken out a 1-year installment loan for$82,500 at a nominal rate of 12.0% but with equal end-of-monthpayments. What percentage of the 2nd monthly payment will go towardthe repayment of principal? 89.2% 90.5% 88.9% 88.5% 89.6%
Answer:
The following are the data inputs in spreadsheet:
The following are the obtained results in spreadsheet: