Loan amount 115411contractual rate996conversion, Ask an Expert

Finance

loan amount= $1,154.11

Contractual Rate=9.96%

conversion periods=1

life of loan(yrs)=2

method of payment=equal principal

fee=no

stock requirement=no

i) calculate the total loan payment for yr 1

a. $692.80

b. $692.01

c. $664.63

d. $664.66

ii) calculate the total loan payment in yr 2

a. $634.78

b. $664.63

c. $634.53

d. $665.28

iii) calculate the actuarial rate

a. 9.96%

b. 10.75%

c. 8.97%

d. 10.88%

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92727917

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