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Determine the revised amount of the last installment

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Reference no: EM132704982

A loan with an effective annual interest rate of 5% is being repaid in fifteen annual installments of $1,000. Right after the fifth installment is paid, the loan is renegotiated so that the sixth installment is $800, the seventh (800+K), with each subsequent installment increasing by K over the previous one. The period of the loan is unchanged. Determine the revised amount of the last installment.

Problem 1: Determine the revised amount of the last installment.

A $1,240

B $1,290

C $1,360

D $1,440

E $1,460

Reference no: EM132704982

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