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Problem

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question

Assume that the following charges (flat rates) are made on $500 for a year and that the loan in each case is to be repaid in 12 equal monthly installments: (a) 3% , (b) 5%. What is the monthly payment and the true annual interest rate that the borrower is paying in each case? (Record interest rate correct to the nearest tenth of 1%.)

category

business

options

  1. Monthly payments: $43.92 at 3% and $42.75 at 5%; True annual interest rates: 5.2% at 3% and 9.5% at 5%
  2. Monthly payments: $42.92 at 3% and $43.75 at 5%; True annual interest rates: 5.5% at 3% and 9.2% at 5%
  3. Monthly payments: $41.67 at 3% and $44.17 at 5%; True annual interest rates: 6.8% at 3% and 10.9% at 5%
  4. Monthly payments: $42.50 at 3% and $43.33 at 5%; True annual interest rates: 4.8% at 3% and 8.7% at 5%
  5. Monthly payments: $41.92 at 3% and $44.75 at 5%; True annual interest rates: 6.5% at 3% and 10.2% at 5%
  6. Monthly payments: $41.25 at 3% and $45.42 at 5%; True annual interest rates: 3.8% at 3% and 7.9% at 5%
  7. Monthly payments: $45.00 at 3% and $40.00 at 5%; True annual interest rates: 7.5% at 3% and 12.0% at 5%
  8. Monthly payments: $43.75 at 3% and $42.92 at 5%; True annual interest rates: 5.0% at 3% and 8.5% at 5%
  9. Monthly payments: $44.17 at 3% and $41.67 at 5%; True annual interest rates: 6.2% at 3% and 11.1% at 5%
  10. Monthly payments: $42.92 at 3% and $43.75 at 5%; True annual interest rates: 4.5% at 3% and 8.2% at 5%

src

stemez-Business

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Source and history

upstream_id / Original problem ID
801
task_id
5ca05a20-f527-5855-8e41-a8e49f4861f4
task_key
default--test--801
task_revision_id
1
config / split
default / test

Official source

initial import