Seth borrows X for ten years at an annual effective interest rate of 4%, to be...
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Seth borrows X for ten years at an annual effective interest rate of 4%, to be repaid with equal payments at the end of each year. The outstanding loan balance at the end of the eighth year is 579.01. Calculate the princip repaid in the second payment. O 440 O 450 O 460 O 470 O 480 QUESTION 2 QUESTION 3 Tanner takes out a loan today and repays the loan with ten level annual payments, with the first payment one year from today. The payments are calculated based on an annual effective terest rate of 4.7%. The principal portion of the fourth payment is 703,45. Calculate the total amount of interest paid on this loan. O 1700 O 1800 O 1900 O 2000 O2100 Seth borrows X for ten years at an annual effective interest rate of 4%, to be repaid with equal payments at the end of each year. The outstanding loan balance at the end of the eighth year is 579.01. Calculate the princip repaid in the second payment. O 440 O 450 O 460 O 470 O 480 QUESTION 2 QUESTION 3 Tanner takes out a loan today and repays the loan with ten level annual payments, with the first payment one year from today. The payments are calculated based on an annual effective terest rate of 4.7%. The principal portion of the fourth payment is 703,45. Calculate the total amount of interest paid on this loan. O 1700 O 1800 O 1900 O 2000 O2100
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Answer rating: 100% (QA)
To solve for the annual payment P for Seths loan Using the loan balance formula 57901 Paoverline10ce... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
Posted Date:
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