Reference no: EM133071053
Question -
Q1. 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. What is the amount of the loan?
A-$10,625
B-$10,675
C-$10,725
D-$10,775
E-$10,825
Q2. A $6,000 loan is to be repaid by n equal annual installments. The annual interest rate is 4%. The interest paid in the (n-2)nd installment is $111. Find n.
A-5
B-7
C-9
D-11
E-13
Q3. A 4% loan of $20,000 is to be repaid by level annual installments. The principal in the 4th installment is $450. Find the amount of each installment.
A-$1,200
B-$1,205
C-$1,210
D-$1,215
E-$1,220
Q4. A $20,000 4% loan is to be repaid in n level annual installments, commencing one year after the date of the loan. The amount of principal included in the fourth installment is $450. In which of the following ranges is the amount of the installment?
A) < $1,190
B) ≥ $1,190 but < $1,210
C) ≥ $1,210 but < $1,230
D) ≥ $1,230 but < $1,250
E) ≥ $1,250
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