Posted by Lin on Thursday, August 8, 2013 at 9:11am.
A man bought a house for 76,000. he made a down payment of 26,000 and agreed to pay 2,500 each year with a interest of 14% on an unpaid balance. His payment at the end of the second year was?

Math  Reiny, Thursday, August 8, 2013 at 10:19am
strange question
Are you saying his annual payment is $2500 + the interest?
If so, then ...
Balance now = $50,000
interest at end of 1st year = $7000
payment = 2500 + 7000 = $9500
Balance at end of 1st year = $47,500
interest at end of 2nd year = $6,650
payment at end of 2nd year = 2500 + 6650 = $9150
Answer This Question
Related Questions
 finite math  The Taylors have purchased a $170,000 house. They made an initial ...
 Math 104  Five years ago, you bought a house for $171,000. You had a down ...
 algebra  my scenario, to start a small business you will need a loan of $50.000...
 MATH  Five years ago, you bought a house for $151,000, with a down payment of $...
 Math  The Chavara family buys a house for $225,000. They pay $50,000 down and ...
 Mathematics and investment  1. Angelo wants to renovate his house in 3 years. ...
 Computer science  Paying Off Credit Card Debt Each month, a credit card ...
 computer programming  Paying Off Credit Card Debt Each month, a credit card ...
 MATH  Five years ago, you bought a house for $151,000, with a down payment of $...
 math  Five years ago, you bought a house for $151,000, with a downpayment of $...
More Related Questions