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Mathematics, 14.12.2021 03:10, jonroberts1587
Heather repays a loan of $4800 by making payments at the end of each year for 12 years. She can repay the loan under the following two options: 1) Equal annual payments at an effective annual rate of 0.07. (ii) Installments of 400 each year plus interest on the outstanding balance at an effective annual rate of i. Determine i if the sum of the payments under option (1) equals the sum of the payments under option (ii).
A 7.74
B 7.78
C 7.82
D 7.86
E. 7.90
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Answers: 2
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Heather repays a loan of $4800 by making payments at the end of each year for 12 years. She can repa...
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