{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

extra_problems_6

# extra_problems_6 - 1.\$400each, ismade.\$272.29, 4.92...

This preview shows pages 1–4. Sign up to view the full content.

1. A 8 year loan is amortized with monthly payments of \$400 each, starting one month after the loan is made. If the principal repaid in the third payment is \$272.29, find the annual rate of interest compounded monthly on the loan. 4.92% 2. A loan of \$4,500 is being repaid with quarterly payments at the end of each period for 10 years at 6% convertible quarterly. Find the outstanding loan balance at the end of the 4 year. Calculate to the two decimal places. 3013.01

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
3 . A loan is being repaid by quarterly instalments of \$2,500 at the end of each quarter at 8% convertible quarterly. If the loan balance at the end of the first year is \$12,000, find the original loan balance. Answer to the nearest dollar. 20605 4. A \$30,000 loan is paidoff with monthly payments over 14 years, at an interest rate of i (12) = 6.12%. The monthly payments are rounded up to the nearest dollar. Find the last smaller

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}