A loan is to be repaid in level installments payable at the end of each year for seven years. The effective annual inter
Posted: Sun Jun 05, 2022 7:31 am
A loan is to be repaid in level installments payable at the end
of each year for seven years. The effective annual interest rate on
the loan is 4%. After the fourth payment, the principal remaining
is $5,000.
Which of the following is closest to the amount of the loan?
A $10,625
B $10,675
C $10,725
D $10,775
E $10,825
of each year for seven years. The effective annual interest rate on
the loan is 4%. After the fourth payment, the principal remaining
is $5,000.
Which of the following is closest to the amount of the loan?
A $10,625
B $10,675
C $10,725
D $10,775
E $10,825