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(4 points) A loan is repaid in 22 equal annual payments starting one year from the time the loan was made. Suppose that the 7th
(4 points) A loan is repaid in 22 equal annual payments starting one year from the time the loan was made. Suppose that the 7th interest payment (17) is $15,215.96 and the 15th principal repayment (PR15) is $26,720.98. a) Find the effective annual interest rate. Answer = %. b) Find the amount of the annual payment. Answer = $ c) Find the amount of the loan. Answer = $ (4 points) A loan is repaid in 22 equal annual payments starting one year from the time the loan was made. Suppose that the 7th interest payment (17) is $15,215.96 and the 15th principal repayment (PR15) is $26,720.98. a) Find the effective annual interest rate. Answer = %. b) Find the amount of the annual payment. Answer = $ c) Find the amount of the loan. Answer = $
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