Author Question: You borrowed $10,000 over a five year term. The payments are structured as an amortized loan with ... (Read 98 times)

soccerdreamer_17 · **on:** Apr 25, 2021

Question 1

You borrow $42,500 over a nine year term. Your bank charges an annual rate of 10%. If the loan is repayable in equal end-of-period, annual payments, then what is the loan payment?
◦ $7,379.72
◦ $7,966.37
◦ $6,916.68
◦ $6,641.75
◦ $8,117.70

Question 2

You borrowed $10,000 over a five year term. The payments are structured as an amortized loan with annual end-of-year payments. The interest rate on the loan is 6%. The annual payments are $2,373.96. How much of the second payment is a repayment of principal?
◦ $1,774.00
◦ $1,785.12
◦ $1,810.44
◦ $1,852.81
◦ $1,880.40

bassamabas · **Reply #1 on:** Apr 25, 2021

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