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Thread: Interesting Loan case...

  1. #1
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    Interesting Loan case...

    A loan is obtained, at monthly payments, over 12 months.

    The amount that went to principal at 3rd pay't = 804.34
    The amount that went to principal at 7th pay't = 837.00

    How much was borrowed, at what rate, at what monthly pay't?
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  2. #2
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    Re: Interesting Loan case...

    Code:
    MTH   [PAYMENT]  PRINCIPAL INTEREST  BALANCE
     0                                  10,000.00
     1      888.48     788.48   100.00   9,211.52
    ...
     3*     888.48     804.34*   84.14   7,610.81
    ...
     7*     888.48     837.00*   51.48   4,312.21
    ...
    11      888.48     870.98    17.50     879.69
    12*     888.48     879.69     8.79        .00
    Above is the resulting loan.
    * = the givens

    Hint: PRINCIPAL amounts increase by a factor of 1+i,
    (i being the monthly loan rate).
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