Numerade

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ANSWERED

Willis James

Numerade educator

A loan that is paid with monthly payments of X has three consecutive balances of 7,734,911, 7,728,329, and 7,721,720. Compute for X.

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INSTANT ANSWER

A loan of 299,000 is initially repaid through 25 equal annual installments made at the end of each year at 4% interest effective annually. Immediately after the 9th payment, the loan is renegotiated as follows: (i) The borrower will make 32 equal semi-annual payments of X to repay the loan, with the first payment made four years from the date of renegotiation. (ii) The interest rate is changed to 8% compounded semi-annually. Calculate X. {use amortization formula}

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INSTANT ANSWER

An amortized loan of amount 𝐿 has level monthly payments at the end of each month for 𝑛 months at an interest rate of 𝑗 per month. The balances after the 380th, 381st, and 383rd payments are $1,623,900, $1,612,938, and $1,590,768. What is the total amount of interest paid during the loan?

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INSTANT ANSWER

A loan is to be repaid with 5 installment amounts of 300, 200, 100, 75, and 𝑋 for years 1 to 5 respectively. The amount of interest paid in the third installment is 25% of the principal repaid. Assuming an annual effective rate of interest of 10%, find the value of 𝑋.

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