SOA Exam FM Sample Question 246
Study guide: Exam FM-2
A loan of X is repaid with level payments of R payable at the end of each year for n years.
You are given:
- i) The interest paid in year 1 is 797.50.
- ii) The principal repaid in year
n - 4is 865. - iii) The principal outstanding at the end of year
n - 1is 1144.50.
Determine X.
- A) 9,500
- B) 10,000
- C) 10,500
- D) 11,000
- E) 11,500
Answer this question and see the worked solution