Concept explainers
Let
a. Use the result in part (b) of Exercise 37 and the facts that
b. State in your own words the formula obtained in part (a).
c. Suppose that, for a loan with a monthly payment of $400 and an interest rate of 1% per month, $100 of the 9th monthly payment goes toward paying off interest. How much of the 10th and 11th payments will be used to pay off interest?
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