A loan of $10,000 is being repaid by payments of P at the end of every year for ten years at a nominal rate of interest
Posted: Sun Jun 05, 2022 7:27 am
A loan of $10,000 is being repaid by payments of P at the
end of every year for ten years at a nominal rate of interest of
10% compounded quarterly. What is the amount of the annual
payment?
A < $1,620
B ≥ $1,620 but < $1,630
C ≥ $1,630 but < $1,640
D ≥ $1,640 but < $1,650
E ≥ $1,650
end of every year for ten years at a nominal rate of interest of
10% compounded quarterly. What is the amount of the annual
payment?
A < $1,620
B ≥ $1,620 but < $1,630
C ≥ $1,630 but < $1,640
D ≥ $1,640 but < $1,650
E ≥ $1,650