Find the outstanding loan balance after 30 months

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1. A loan of $10,000 is to be repaid with level monthly payments for 5 years. The effective annual interest rate is 5%. Find the outstanding loan balance after 30 months.

2. A loan of $5000 is to be repaid with level annual payments. The effective annual interest rate is 4% and the outstanding loan balance after three years is $3,312.54. Find the amount of the level payment.

3. In the previous problem, find the term of the loan, accurate to one decimal place.

4. A 30 year annuity-immediate has first payment $1200 and each subsequent payment increases by 0.5%. The payments are monthly and the annual effective rate is 8%. Find the accumulated value of the annuity at the end of 30 years.

Reference no: EM132245045

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