SOA Exam FM Sample Question 161
Study guide: Exam FM-2
A small business takes out a 10-year loan with level end-of-quarter payments. The payments are based on an annual nominal interest rate of 12% convertible quarterly.
The amount of principal repaid in the 15th payment is 10,030.27.
Calculate the amount of interest paid in the 25th payment.
- A) 7,521
- B) 8,151
- C) 9,467
- D) 10,030
- E) 11,601
Answer this question and see the worked solution