Question

You borrow a $324355 add-on interest loan from the credit union and will repay in equal installments over 10 years. The nominal rate of interest is 4.19 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments Round your final answer to two decimal places. D Question 2 1.5 pts Mr. Anthony Banderus obtained a bullet loan of $170373 at a nominal rate of interest of 5.78 percent for 4 years. If repayment is scheduled at the end of each day, obtain the last payment. Round your final answer to 2 decimal places. D Question 3 1.5 pts Ms. Maili Sirrus obtained a balloon loan of $239101 at a nominal rate of interest of 4.85 percent for 5 years. If repayment is scheduled at the end of every fifth day, obtain the level of the first few payments, assuming he will pay $ 42318 at the end of the term. Round your final answer to 2 decimal places.

Answer 1

Question 1:

Principal = 324355

Interest annually = 4.19%

Interest annually = 0.0419*324355 = 13,590.4745

Total amount after 10 years = 13,90.4745*10 + 324355 = 460,259.745

Number of quarters in 10 years = 10*4 = 40

Equal quarterly payment = 460259.745/40 = 11,506.49

Equal quarterly payment = $11,506.49

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