question archive Caitlyn Gail acquired a loan from Bank A with an interest rate of 0
Subject:BusinessPrice:2.87 Bought7
Caitlyn Gail acquired a loan from Bank A with an interest rate of 0.667% compounded monthly with a four-year period. Bank A computed her interest using four equal end year payments. If her principal payment at the forth year of her loan is 2795.71, how much is loan of Cailtyn Gail?
Answer:
Based on reversed calculations as per the above-mentioned formulae, the opening balance of the loan is calculated to be $9,258.92.
PFA