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March 28, 2017

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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 - ,

    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

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