(3.2b)

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Question 1 1 pts HW 3.2 (b) Key An investor took out a loan of 85.000 at 5% compounded quarterly, to be repaid over 13 years with quarterly payments of 2.232.86 at the end of each quarter. After 16 payments, the interest rate dropped to 3% compounded quarterly. The new quarterly payment dropped to 2,048.28. After 36 payments in total, the interest rate on the loan increased to 4% compounded quarterly. The investor decided to make an additional payment of Xat the time of payment number 36. After the additional payment was made, the new quarterly payment was calculated to be 1359.17 payable for 4 more years. Determine X (6 a 805) 1. An investor took out a loan of 85,000 at 10% compounded quarterly, to be repaid over 16 years with quarterly payments of 2,676.01 at the end of each quarter. After 12 payments, the interest rate dropped to 8% compounded quarterly. The new quarterly payment dropped to 2,407 80. After 36 payments in total, the interest rate on the loan increased to compounded quarterly. The investor decided to make madditional payment of the time of payment number 36. After the additional payment was made the new quarterly payment was calculated to be 1981 R2, payable for 7 more years. Determine x 16 7051 A) 10,400 B) 11.650 C) 12,900 D) 14,140 E) 15,390 25%/ 2% quarter 2.156/ quarter L 149142 26760 per quarter 2.407.10 per quarter 5.600 B36 = 240 7.80 am 2% = 51,241.05 51,241.05 - X + 1981.92 A 212.254 X - [10400 10770 6.890 8.190 9.480