Suppose you borrowed $15,000 at a 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 at the end of the first year, after you have made the first payment

After first payment the amount remains

Explanation:

The borrowed amount = $15000

The interest rate on borrowed amount = 8.5%

Repayment years = 5 years

Installment amount should be in five equal apart.

Now we have to find the annual payment amount (that is annuity ).

Since it is given that amount is repaid in 5 equal installment. Thus installment amount is $3807.1066 and after 1st installment four installment have to be paid.

So after first payment the amount remains

answer; communication channel;

b $274.07

step-by-step explanation:

you just devide 222 by 0.81