Assignment 5(1)

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System Homepage » Class Homepage » Student Details » Student Assignment Details ActSci 231 W09 : Gradebook Welcome Po-Wei Chuang [ My Profile ] Assignment detail for Po-Wei Chuang in Assignment 5: Po-Wei Chuang Login: pchuang Email: [email protected] Student ID: 20260696 Assignments completed: 9 Assignments active: 0 Question Grade 1 A loan of \$10,000 is being paid by installments of \$2,000 at the end of each period, and a smaller final payment made one period after the last regular payment. Interest is at the end of each period at 11% compounded monthly. Find the amount of outstanding loan balance remaining when the borrower has made payments equal to the amount to the loan. Answer to the nearest dollar. Your Answer: 281.79 Correct Answer: 282 Comment: We seek the outstanding balance after 5 payments. Since the number of future payments is unknown, the retrospective formula should be used: Instructors Comment: 0.0 2 On her eighteenth birthday, Latisha receives an annuity that is to pay

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