Lin took a loan of $10000 from Vancity credit union, the interest rate is 12% compounded monthly. Lin plans to pay off his loan in 10 years. What is the amount of interest in the 3rd payment? 111.25 $90.11 $99.13 $89.11
Lin took a loan of $10000 from Vancity credit union, the interest rate is 12% compounded monthly. Lin plans to pay off his loan in 10 years. What is the amount of interest in the 3rd payment? 111.25 $90.11 $99.13 $89.11
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
Related questions
Question
![Lin took a loan of $10000 from Vancity credit union, the interest rate is 12%
compounded monthly. Lin plans to pay off his loan in 10 years. What is the amount
of interest in the 3rd payment?
111.25
$90.11
$99.13
$89.11](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4d9f036e-8e9e-4b53-a30d-4091afb339b3%2Fb28fdc07-4673-4b1b-b794-2108d6836984%2Foruwnf3h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Lin took a loan of $10000 from Vancity credit union, the interest rate is 12%
compounded monthly. Lin plans to pay off his loan in 10 years. What is the amount
of interest in the 3rd payment?
111.25
$90.11
$99.13
$89.11
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
![EBK CFIN](https://www.bartleby.com/isbn_cover_images/9781337671743/9781337671743_smallCoverImage.jpg)
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![EBK CFIN](https://www.bartleby.com/isbn_cover_images/9781337671743/9781337671743_smallCoverImage.jpg)
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Pfin (with Mindtap, 1 Term Printed Access Card) (…](https://www.bartleby.com/isbn_cover_images/9780357033609/9780357033609_smallCoverImage.jpg)
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
![Financial Management: Theory & Practice](https://www.bartleby.com/isbn_cover_images/9781337909730/9781337909730_smallCoverImage.gif)