Revision as of 00:09, 27 November 2023 by Admin (Created page with "'''Solution: E''' Prospectively <math>L *=1000 a_{\overline{28} \mid .03}=1000(18.76411)=18764.11</math>. is OB of loan after 12 payments. Loan balance after the 24 th payment (extra 12 payments) is (retrospectively) <math>18764.11(1+.035)^{12}-1000 s_{\overline{12} \mid .035}=13751.90</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 Tes...")
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Exercise

ABy Admin
Nov 27'23

Answer

Solution: E

Prospectively [math]L *=1000 a_{\overline{28} \mid .03}=1000(18.76411)=18764.11[/math]. is OB of loan after 12 payments. Loan balance after the 24 th payment (extra 12 payments) is (retrospectively) [math]18764.11(1+.035)^{12}-1000 s_{\overline{12} \mid .035}=13751.90[/math]

References

Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.

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