SOA Exam FM Sample Question 401
Study guide: Exam FM-2
An investor borrows 13,650 at an annual effective interest rate of 7%. Level payments are made at the end of each year. The interest paid in the last payment is 65.42.
Calculate the principal repaid in the first payment.
- A) 44.50
- B) 45.00
- C) 45.50
- D) 46.00
- E) 46.50
Answer this question and see the worked solution