Youve just borrowed 30000 with an annual interest rate of 85

You\'ve just borrowed $30,000 with an annual interest rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. How much would you still owe after you have made the first payment?

annual interest rate (r) = 8.5%
n = 5 years
Amount = PMT * ( 1 - (1+r)^-ⁿ)/r

30,000 = PMT * ( 1 -( 1+ 8.5%)^-⁵/8.5%
PMT = 7612.97

Interest part of Pmt = 8.5% * 30,000 = 2550
Amount still owed after first payment = Principal -( PMT - Interest of first year) = 30,000 - ( 7612.97 - 2550) = 24,97.03

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$You\'ve just borrowed $30,000 with an annual interest rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. How much wo$

Youve just borrowed 30000 with an annual interest rate of 85

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