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Unformatted text preview: Actsc 231 : Test #1  Spring 2010 (Blue) Last name: First name: Marks: /60 I.D.#: Time period: 11:3012:50pm Instruction : (1) Problems do not appear in the order of difficulties. (2) You have to write your processes to get marks. A correct answer without process will have no credit. (3) All numerical solution will be evaluated based on the first two decimal places. Any rate’s accuracy is based on percentage and therefore the number itself should be accurate to the four decimal places (e.g. 0.0123). Your calculation in the process should be accurate to first 4 decimal places for amount of money, and first 6 decimal places for any rate. 1 2 Problem 1: [5 points] A person borrows 10000 at a simple interest rate of 10%. She is to repay the loan with 4 equal payments, P, the first at the end of 3 months, the second at the end of 7 months, the third at the end of 9 months, the fourth at the end of 12 months. Student A determines the value by bringing all values at time t=0 months....
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 Spring '10
 ZHOU
 Math, Interest, Mortgage loan, annual effective rate

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