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MAT 120 Sample Quiz

Complete the worksheet below for a ten-year loan of $40,000 at 5% compounded monthly. (Only the first two lines of the period by period details are shown.)

Worksheet 

 

Complete the worksheet below for a 5-year loan at 7% compounded quarterly if the borrower can afford to repay $1,000 every quarter. (Only the first two lines of the period by period details are shown.)

Worksheet 

Answers