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Sagot :
Answer:
$5,063.95
Explanation:
Missing word "Assume he has just made the fourth payment."
Borrowed Amount = $10,000
Interest rate (Compounded annually) = 8%
Number of Payments = 10
Calculating Monthly Payment using the MS-Excel PMT Function
Annual Payment = PMT(Rate, Nper, -PV)
Annual Payment = PMT(8%, 10, 10000)
Annual Payment = $1,490.30
Calculating Present Value of 4 payments using the MS-Excel PV Function
Present Value = PV(Rate, Nper, -PMT)
Present Value = PV(8%, 10, -1,490.30)
Present Value = $4,936.05
So, the remaining balance of borrowed amount he should pay is $5,063.95 ($10,000 - $4,936.05).
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