Question: Problem #5: Suppose a loan which accumulates interest at a nominal annual rate of 2.26% compounded monthly is repaid [6 marks] through level monthly payments

Problem #5: Suppose a loan which accumulates interest at a nominal

Problem #5: Suppose a loan which accumulates interest at a nominal annual rate of 2.26% compounded monthly is repaid [6 marks] through level monthly payments of $2794 over a period of 7 years. Determine the following: (a) The outstanding balance at the end of period 42. (b) The amount of principal repaid during period 59. (A) 112697.55 (B) 112642.85 (C) 112724.90 (D) 112670.20 (E) 112752.25 Problem #5(a): Select 1 Part (a) choices. (A) 2664.18 (B) 2660.61 (C) 2674.89 (D) 2671.32 (E) 2667.75 Problem #5(b): Select 1 Part (b) choices

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