What are the interest payments on a $1,000 loan if the contractual rate is 12%, the loan will be paid back in four uniform principal payments at the end of the next four years, and the remaining balance method of calculating interest will be used? What is the actuarial, annual percentage, and the effective interest rate? (AIR, APR, ie =12%) What is the annual loan payment in the third year? A. $329 B. $60 C. $250 D. $310 E. None of the above What is the loan balance at the end of the third year? A. $329 B. $60 C. $250 D. $310 E. None of the above What is the interest payment in the fourth year? A. $329 B. $60 C. $250 D. $310 E. None of the above What is the principal payment in the second year? A. $329 B. $60 C. $250 D. $310 E. None of the above

What is the actuarial rate? A. 12% B. 12.5% C. 3% D. 13.3% E. None of the above What is the APR? A. 12% B. 12.5% C. 3% D. 13.3% E. None of the above What is the effective rate? A. 12% B. 12.5% C. 3% D. 13.3% E. None of the above