SOA Exam FM Sample Question 131
Study guide: Exam FM-2
A loan is amortized with level monthly payments at an annual effective interest rate of 10%. The amount of principal repaid in the 6th month is 500.
Calculate the principal repaid in the 30th month.
- A) 500
- B) 555
- C) 605
- D) 705
- E) 805
Answer this question and see the worked solution