Percentage from your payments goes to is principle payment

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Reference no: EM13950335

Suppose you borrowed $12,000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next 4 years. How large would your payments be? For year 3, what percentage from your payments goes to is the principle payment?

Reference no: EM13950335

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