A 35year loan is to be repaid with equal installments at the

A 35-year loan is to be repaid with equal installments at the end of each year. The amount of interests paid in the 8th installment is $135 and 22nd installment is $108. Calculate the amount of interest paid in the 29th installment.

Interest Paid = PM(1 ? v^(n?k+1) I(8) = PM(1 ? v^(35?8+1) I(22) = PM(1 ? v^(35?22+1) Solving for PM and V PM = $144.00 v = 0.9057 I(29) = $144(1-.9057)^(35-29+1) $72.01 Interest Paid in 29th Installment $72