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Show transcribed image text A loan of $1000 is repaid by annual payments of $350 plus a smaller final payment made one year after the final regular payment The first payment is made one year after

Show transcribed image text A loan of $1,000 is repaid by annual payments of $350 plus a smaller, final payment made one year after the final regular payment. The first payment is made one year after the loan. The effective annual interest rate is 10%. Determine the amount of interest in the final payment. A loan is to be paid off in twenty annual installments of $100, with the first payment due one year after the loan is made. What is the total amount of principal paid in the even numbered installments, If the effective rate of interest is 4%? Mark takes out a 30-year loan on January 1,1992 for $20,000 at an annual affective interest rate of 5%. Payments are made at the end of each year. On January 1, 2002, Mark takes out a twenty-year loan for $10,000 at an annual effective interest rate of 7%. Payments are also made at the end of each year. Calculate the total amount of principal repaid during the year 2002 on both loans. A loan is to be repaid in n level installments, one due at the end of each year for n years. The principal repaid in XY fourth payment is $11.74 and the principal outstanding after the fourth payment is $223.32. The effective annual interest rate is 4%. What is n?

 

May 20 2020 View more View Less

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