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Part A- The small amount refers to a final irregular smaller amount than the usual regular payments. The info is complete. Part B- A loan
Part A- "The small amount refers to a final irregular smaller amount than the usual regular payments. The info is complete."
Part B-
A loan of $69,200 is being repaid by payments of $9,000 at the end of each year plus a final smaller payment one year after the last payment of $9,000. If the annual effective rate of interest on the loan is 10%, find the size of the final payment. Answer to the nearest cent. Aditi receives an annuity that pays $700 at the end of each month. She wishes to replace it with an annuity that has the same term and has only one payment each year, and that payment should be at the beginning of the year. How much should the payments be if the exchange is based on a nominal discount rate of 7.8% payable quarterly? Answer to the nearest cent. A loan of $69,200 is being repaid by payments of $9,000 at the end of each year plus a final smaller payment one year after the last payment of $9,000. If the annual effective rate of interest on the loan is 10%, find the size of the final payment. Answer to the nearest cent. Aditi receives an annuity that pays $700 at the end of each month. She wishes to replace it with an annuity that has the same term and has only one payment each year, and that payment should be at the beginning of the year. How much should the payments be if the exchange is based on a nominal discount rate of 7.8% payable quarterly? Answer to the nearest centStep by Step Solution
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