How much of the second payment will reduce loan principal

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Reference no: EM132034455

1. What is the future value (at the end of year 3) of $300 deposited at the end of year 1, $400 deposited at the end of year 2, and $200 deposited at the end of year 3 into an account that earns 12% compounded quarterly?

2. You have determined that a 5 year loan requires annual payments of $1,250. If the interest rate on the loan is 10%, how much of the second payment will reduce loan principal?

Reference no: EM132034455

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