I have a loan for 10,000. The lender will carry the debt for 5 more yrs @<hidden> an interest rate of 10% annually. The interest will be added to the principal every year. In 5 yrs you will have to begin repaying the loan in monthly installments @<hidden> 12% for 10 yrs. What will be the pymts?
I got an answer of 16105.10 for the 5 yrs @<hidden> 10% and came up w/ the pymts to be 1700.41 is this correct?