Business, 10.12.2021 19:20 solomander4
As of January 1, 2011, there are 28 annual payments left on Smith's loan. The next payment is due January 1, 2012. The payment schedule consists of 5 payments of $1,000 each, followed by 23 payments of $2,000 each. The effective annual rate of interest is 5%. The lender agrees to let Smith pay off the loan with five annual payments, commencing January 1, 2012. The amount of these payments are K, 2K, 3K, 4K, and 5K respectively. Under the new arrangement, the lender still realizes an effective annual yield of 5%. In which of the following ranges is K?
a. < $1,850
b. ≥ $1,850 but < $1,900
c. ≥ $1,900 but < $1,950
d. ≥ $1,950 but < $2,000
e. ≥ $2,000
Answers: 1
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As of January 1, 2011, there are 28 annual payments left on Smith's loan. The next payment is due Ja...
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