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HW9: Problem 15 Previous Problem Problem List Next Problem (1 point) (Exercise 5.16) A bank customer borrows X at an annual effective rate of 6.2% and makes level payments at the end of each year for n years. (1) The interest portion of the final payment is $ 312.14. (ii) The total principal repaid as of time n - 1 is $ 75152.52. (iii) The principal repaid in the first payment is Y. Calculate Y. Y = $ Preview My Answers Submit Answers

Answer 1

HWa: Pyoblem-15'- Solution Intexesb POYbion ce each Payment is the interest ate kimes Ehe unpaid balance. POxbion The mkexest pagnent & lasb, payment is $312.14, So wnpai balance is 312-140.062 = $s,034.51 Tts the last PaymenŁ , so au be vemaining principle Pyinciple POYbion total Payment last payment is paia Re, so 312-14Sogu.si Is So3u -SI and Si3u6.6s . payments oye level, So every paument IS this omount. The initia 10an 2 Remaining pyiniple + all py\nc}ple alveady Yepaid - so3u,5 HTS, IS2.S2 - $ 90,197.03

Thtevest pOyljon .662unpaid balance Eryst paymenb 0.862 x2017.03 Total payment - $5316.6S ,SO Pinciple Poybion - 5,316.GS- $4971.6o $315.0s . principle Répais in Fiyst Payment Y)
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