Question
) In order to pay off his school debt Jamie must pay $320 at the end of each month for the next eight years. If
) In order to pay off his school debt Jamie must pay $320 at the end of each month for the next eight years. If the loan earns interest at a rate of 3.6% compounded weekly. a) What type of annuity does this represent? (Circle the correct response) i) Ordinary Simple Annuity ii) Ordinary General Annuity iii) Simple Annuity Due iv) General Annuity Due b) Calculate the number of payments during the term of this loan. c) Calculate the Equivalent Periodic Interest Rate with the appropriate compounding period. d) Calculate the initial amount of the loan
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