Mathematics, 03.06.2021 18:30 jermainedwards

A carpenter borrows $10,000 at 6% interest to be repaid in annual payments of $2,000. What is the
principal balance after the first payment is made?
(Hint: Any part of the payment that is not used
to pay interest is used to reduce the principal.)

Answers: 3

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A carpenter borrows $10,000 at 6% interest to be repaid in annual payments of $2,000. What is the