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The quarterly payment on a 10‐year loan is $1867.50. The loan’s interest rate is a 5.1% annual percentage rate (APR) and payments are end‐of‐quarter. (a) What is the loan amount? (4 pts.) (b) What is the loan’s effective annual rate (EAR)? (c) What will the loan balance be immediately after the 29th payment is made?

/in /by

The quarterly payment on a 10‐year loan is $1867.50. The loan’s interest rate is a 5.1% annualpercentage

rate (APR) and payments are end‐of‐quarter. (a) What is the loan amount? (4 pts.) (b)

What is the loan’s effective annual rate (EAR)? (c) What will the loan balance be immediately after the 29th

payment is made?

 
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