Question
ANSWER ALL PLS 1. A loan is being repaid with annual payments of $500 at the end of each year for 15 years. The rate
ANSWER ALL PLS
1. A loan is being repaid with annual payments of $500 at the end of each year for 15 years. The rate of interest is 3.5% for the first nine years and 5% for the last six years. What is the loan amount? Possible Answers: A< $5,700. B $5,700 but < $5,800. C: $5,800 but < $5,900. D: $5,900 but < $6,000 E: $6,000
2. Igoche takes out a loan of $6000, which he repays by the amortization method at a nominal rate of 9.6% compounded monthly. Igoche makes level monthly payments at the end of each month for 4 years. Find the amount of the monthly payment. Possible Answers: A: 146.25. B: 149.89 C: 151.03. D:251.75 E: 583.16
3. Alan took a loan of $10,000 to be repaid in 7 level annual payments. The first payment is due at the time he took loan. The effective annual interest rate on the loan is 6%. Which of the following is closest to the amount of each payment? Possible Answers: A: 1791 B: 1736 C: 1685 D:1690 E: 1695
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