SOA Exam FM Sample Question 190
Study guide: Exam FM-2
A loan of 10,000 is being repaid by payments of 1,000 at the end of each quarter for as long as necessary, plus a drop payment.
The annual nominal rate of interest on the loan is 16% convertible quarterly.
Calculate the amount of interest in the tenth payment.
- A) 112
- B) 146
- C) 179
- D) 233
- E) 281
Answer this question and see the worked solution