Solutions to Chapter 1

Therefore, the loan balance is $778.08 after one year. The loan repayment is an annuity with present value equal to $4,248.68. Payments are made monthly, and the monthly interest rate is 1%. We need to equate this expression to the amount borrowed ($4,248.68) and solve for the number of months (t). months, or 2 years ................
................

In order to avoid copyright disputes, this page is only a partial summary.