A $1000.00 loan over a 12month period, at rate 1% per month.
Monthly payments are p per month for 1st 4 months,
no payments next 4 months, then p per month for last 4 months.
Calculate p.
Monthly payments are p per month for 1st 4 months,
no payments next 4 months, then p per month for last 4 months.
Code:
MONTH PAYMENT INTEREST BALANCE
0 1000.00
1 -p 10.00 ?
2 -p ? ?
3 -p ? ?
4 -p ? ?
5 0.00 ? ?
6 0.00 ? ?
7 0.00 ? ?
8 0.00 ? ?
9 -p ? ?
10 -p ? ?
11 -p ? ?
12 -p ? 0.00