Revision as of 01:02, 27 November 2023 by Admin (Created page with "'''Solution: D''' Let <math>L</math> be loan amount and <math>K</math> be annual payment. Repayment amount in third year is <math>300=K v^3=K(1.09)^{-3}</math>. Thus <math>K=</math> <math>300(1.09)^3=388.51</math>. The loan amount is <math>L=K a_{\overline{5} \mid}=1511.16</math>. '''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 Th...")
Exercise
ABy Admin
Nov 27'23
Answer
Solution: D
Let [math]L[/math] be loan amount and [math]K[/math] be annual payment. Repayment amount in third year is [math]300=K v^3=K(1.09)^{-3}[/math]. Thus [math]K=[/math] [math]300(1.09)^3=388.51[/math]. The loan amount is [math]L=K a_{\overline{5} \mid}=1511.16[/math].
References
Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.