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Unformatted text preview: 2. A loan is being repaid with level monthly payments of 250. The interest rate on the loan is 9% compounded monthly. The interest in the 10 th payment is 44.14. Determine the interest in the 17 th payment. 3. A loan is being repaid with annual payments over four years. The total interest paid on the loan is 1340.60 and the total principal paid on the loan is 12,000. Determine the annual effective interest rate on the loan....
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This note was uploaded on 02/05/2012 for the course MA 373 taught by Professor Staff during the Spring '08 term at Purdue.
- Spring '08