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| rev | Admin | (Created page with "'''Solution: E''' Let j be the monthly rate and X be the level monthly payment. The principal repaid in the first payment is 1400 = X – 60,000j. The principal repaid in the second payment is 1414 = X –(60,000 – 1400)j. Substituting X = 1400 + 60,000j from the first equation gives 1414 = 1400 + 60,000j – 58,600j or 14 = 1400j and thus j = 0.01 and X = 2000. Let n be the number of payments. Then <math display = "block">60000 = 2000 a_{\overline{n}|0.01}</math> an...") | Nov 18'23 at 23:53 | +704 |