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Schach [20]
3 years ago
8

A loan is being amortized by means of level monthly payments at an annual effective interest rate of 8%. The amount of principal

repaid in the 12th payment is 1,000 and the amount of principal repaid in the t^th payment is 3700.a) 198b) 204c) 210d) 216e) 228
Business
1 answer:
suter [353]3 years ago
4 0

Answer:

d) 216

Explanation:

We need to equate the value of 12th payment and t^th payment through the below formula.

=> 1000*(1+8%)^[(t-12)/12] =3700

=> (1.08)^[(t-12)/12] =3.7

=> [(t-12)/12] =17

=> t=216

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