SOA Exam FM Sample Question 212
Study guide: Exam FM-2
Payments of 1000 at the end of each year are paid on a loan of 12,000. The payments are based on an annual effective interest rate of 10%.
Calculate the outstanding loan balance immediately after the 12th payment.
- A) 909
- B) 10,909
- C) 12,853
- D) 16,277
- E) 20,043
Answer this question and see the worked solution