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

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