SOA Exam FM Sample Question 380
Study guide: Exam FM-2
Annual payments of 240 are made at the end of each year to repay a loan of 3400. The payments are based on an annual effective interest rate of 4.5%. The loan is settled with a drop payment of X.
Calculate X.
- A) 1.61
- B) 4.53
- C) 8.83
- D) 12.48
- E) 13.04
Answer this question and see the worked solution