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| rev | Admin | (Created page with "'''Solution: D''' The effective annual interest rate is <math display = "block">\dot{l}=(1-d)^{-1}-1=(1-0.055)^{-1}-1=5.829 \%. </math> The balance on the loan at time 2 is 15, 000, 000(1.0582)<sup>2</sup> =16, 796,809. The number of payments is given by <math display = "block">1,200,000 a_{\overline{n}|} = 16, 796,809</math> which gives <math>n = 29.795 \Rightarrow 29</math> payments of 1,200,000. The final equation of value is <math display = "block"> \begin{align...") | Nov 18'23 at 23:33 | +631 |