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Marrrta [24]
3 years ago
13

A loan is being repaid with level annual payments based on an annual effective interest rate of 8%. If the amount of principal r

epaid in the 15th payment is 749.63, calculate the amount of principal repaid in the 7th payment. (A) 375 (B) 405 (C) 437 (D) 472 (E) 510
Mathematics
1 answer:
salantis [7]3 years ago
8 0

Answer:

option (B) 405

Step-by-step explanation:

Data provided in the question:

Annual effective interest rate, r = 8%

Amount of principal repaid in the 15th payment = 749.63

Now,

Under level annual payment,

Principal portion grow by effective interest

Therefore,

P_t=P_n\times(1+r)^{t-n}

Here,

P_t is the principal portion of the t^{th} payment

thus,

P₇ = P₁₅ × ( 1 + 0.08 )⁽⁷⁻¹⁵⁾

or

P₇ = 749.63 × ( 1.08 )⁻⁸

or

P₇ = 405.00

Hence,

the correct answer is option (B) 405

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