Question 13 (Mandatory) (10 points)\

Saved\ Jordan takes a 20-year loan. He borrows 100,000 to be paid back with level monthly payments at the end of every quarter. The interest is charged on this loan at a nominal rate of interest of

10%

convertible quarterly. The day after he makes his

51^(st )

payment, Jordan decides that when the next payment is due, he will just pay off the loan, in full, with a single payment. Find that huge payment he must make at that time after carefully considering exactly what is owed at that time.\ A)

46,380.4

\ B)

60,852.8

\ C) The answer does not appear here.\ D)

44,564.8

\ E)

62,271.2

\ uestion 14 (Mandatory) (10 points)

Jordan takes a 20 -year loan. He borrows 100,000 to be paid back with level monthly payments at the end of every quarter. The interest is charged on this loan at a nominal rate of interest of 10% convertible quarterly. The day after he makes his 51st payment, Jordan decides that when the next payment is due, he will just pay off the loan, in full, with a single payment. Find that huge payment he must make at that time after carefully considering exactly what is owed at that time. A) 46,380.4 B) 60,852.8 C) The answer does not appear here. D) 44,564.8 E) 62,271.2 uestion 14 (Mandatory) (10 points)