Revision as of 00:19, 27 November 2023 by Admin (Created page with "A loan of $2000 is to be repaid at the end of each of the next 5 years at an annual interest rate of .06. Find the annual payment. <ul class="mw-excansopts"> <li>445</li> <li>470</li> <li>475</li> <li>490</li> <li>503</li> </ul> '''References''' {{cite web |url=https://web2.uwindsor.ca/math/hlynka/392oldtests.html |last=Hlynka |first=Myron |website=web2.uwindsor.ca | title = University of Windsor Old Tests 62-392 Theory of Interest | access-date=November 23, 2023}}")
ABy Admin
Nov 27'23
Exercise
A loan of $2000 is to be repaid at the end of each of the next 5 years at an annual interest rate of .06. Find the annual payment.
- 445
- 470
- 475
- 490
- 503
References
Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.
ABy Admin
Nov 27'23
Solution: C
[[math]]\$ 2000=K a_{\overline{5} \mid .06} \implies K=2000 / a_{\overline{5} \mid .06}=\frac{2000(.06)}{1-1.06^{-5}}=474.79[[/math]]
References
Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.