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Assignment 5(2)

Assignment 5(2) - Maple T.A Gradebook...

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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 \$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 23-20+1 = 1.5 * v 23-13+1 then, Find the payment P P = 2,500 / ( (1-v 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 end-of-year 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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Assignment 5(2) - Maple T.A Gradebook...

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