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ActSci 231 W09 : Gradebook
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Assignment detail for PoWei Chuang in Assignment 5:
PoWei Chuang
Login:
pchuang
Email:
[email protected]
Student ID:
20260696
Assignments completed:
9
Assignments active:
0
Question
Grade
1
A $2,500 loan is to be repaid with equal payments at the end of each year for 23
years. The principal portion of the 20th payment is 1.5 times the principal portion
of the 13th payment. Calculate the total amount of interest paid on the loan to
the nearest dollar.
Your Answer:
2158.18
Correct Answer:
2158
Comment:
First, find the interest i from
v
2320+1
= 1.5 * v
2313+1
then, Find the payment P
P = 2,500 / ( (1v
23
) / i )
Finally, Total interest = total payment loan amount
Instructors Comment:
1.0
2
Jared borrows $21,500 at an annual effective discount rate of 4%. The loan is to
be repaid by annual endofyear payments for four years, the first three of which
are for the amount of $5,900. Find the principal in the last payment.
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 Winter '09
 Chisholm
 Interest Rates, Debt, Interest, Economics terminology

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