s Question 6 pts 7of11 0 complete This Quiz 59 pts p ngle p

s Question: 6 pts 7of11 (0 complete) ? This Quiz: 59 pts p ngle payment loan repayment Personal Finance Problem A person borrows S370 to be repaid n 8 years wen 12% annually compounded ite est The Oon may be repea te d of any earlier year with no prepayment penality What amount will be due if the loan is repaid at the end of year 12 What is the repayment at the end of year 5? What amount is due at the end of the eighth year? . The amount due if the loan is repaid at the end of year 1 s©(Round to the nearest cent) The repayment at the end of year 5 is (Round to the nearest cent) C. The amount due at the end of the eighth year is(Round to the nearest cent) answer in each of the answer boxes

Solution

a, amount of loan at the end of year 1 = 370 * 1.12 =414.40

b, amount of loan at the end of year 5 = 370 * 1.12 ^5 = 652.07

c, amount of loan at the end of year 8 = 370 * 1.12 ^8 = 916.11