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Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

A man arranges to repay a $1,000 loan in 15 equal annual installments. Interest is 4 percent. After his tenth payment, he wishes to pay the balance in a lump sum. Assuming he can do this without an additional penalty premium, how much does he owe?

category

business

options

  1. $600.30
  2. $329.50
  3. $500.20
  4. $810.90
  5. $270.50
  6. $729.50
  7. $655.80
  8. $389.10
  9. $899.40
  10. $458.70

src

stemez-Business

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