Present Value of an Annuity; Amortization

– This ignores interest Suppose there are n payments left. Outstanding balance is present value of an annuity with same payments as before, but with the fewer number of payments. Amortization Schedules Problem 5. A $7,000 debt is to be amortized in 15 equal monthly payments of $504.87 at 12% annual interest on the unpaid balance. What is the ... ................
................