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| rev | Admin | (Created page with "Bank A lends a certain sum of money at an annual effective interest rate of 7%. The loan is to be repaid by 16 annual payments of 1000, with the first payment due after one year. Immediately after receiving the 8 th payment, Bank A sells the right to receive the remaining 8 payments to Bank B. Bank A’s yield on the entire transaction is an annual effective interest rate of 6%. Calculate the amount that Bank B paid to assume the loan. <ul class="mw-excansopts"><li>515...") | Nov 19'23 at 14:09 | +564 |