Ella takes out a ten-year loan. The loan is repaid by making ten annual repayments at the end of each year. The first lo

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Ella takes out a ten-year loan. The loan is repaid by making ten annual repayments at the end of each year. The first lo

Post by answerhappygod »

Ella Takes Out A Ten Year Loan The Loan Is Repaid By Making Ten Annual Repayments At The End Of Each Year The First Lo 1
Ella Takes Out A Ten Year Loan The Loan Is Repaid By Making Ten Annual Repayments At The End Of Each Year The First Lo 1 (24 KiB) Viewed 52 times
Ella takes out a ten-year loan. The loan is repaid by making ten annual repayments at the end of each year. The first loan repayment is equal to X, with each subsequent repayment 10.16% greater than the previous year's repayment. The annual effective interest rate being charged on the loan is 8%. The amount of interest repaid during the first year is equal to 999.10. Calculate X. Possible Answers A 1,100.83 B 1,150.92 c 1,200.61 D 1,231.79 E 1,302.05
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”