SOA Exam FM Sample Question 127
Study guide: Exam FM-2
A loan of 20,000 is repaid by a payment of X at the end of each year for 10 years. The loan has an annual effective interest rate of 11% for the first five years and 12% thereafter.
Calculate X.
- A) 2739.5
- B) 3078.5
- C) 3427.5
- D) 3467.5
- E) 3484.5
Answer this question and see the worked solution