Author Question: You just took out a $12,000 loan for your small business. The loan has a four year term and ... (Read 18 times)

wrbasek0 · **on:** Apr 25, 2021

Question 1

You have a 5-year amortized loan with a nominal rate of 11% and annual payments of $541.14. What is the original (time 0) principal of the loan?
◦ $2,000.00
◦ $2,705.70
◦ $2,289.31
◦ $1,678.86
◦ $2,051.35

Question 2

You just took out a $12,000 loan for your small business. The loan has a four year term and repayment is in the form of four equal end-of-year payments. The interest rate on the loan is 11.5%. What are your annual loan payments?
◦ $3,909.29
◦ $3,287.78
◦ $3,144.83
◦ $3,246.84
◦ $3,867.92

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

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