asked 179k views
18 votes
Nathan Drake is considering borrowing $10,000,000 for 25 years with a loan that has an interest rate of 18.65% p.a. The loan agreement calls for 25 equal annual payments, to be paid at the end of each of the next 25 years (first payment due exactly one year from today). Assuming that Nathan makes the required payment every year for the next 6 years, how much of the sixth payment will go to interest

asked
User Matin Kh
by
8.1k points

1 Answer

8 votes

Answer:

$621,544.68

Step-by-step explanation:

answered
User Venkatareddy
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7.5k points

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