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A $1000 loan is being repaid by payments of $100 at the end of each quarter for as long as necessary, plus a smaller final payment.
1. A $1000 loan is being repaid by payments of $100 at the end of each quarter for as long as necessary, plus a smaller final payment. If the nominal rate of interest convertible quarterly is 16%, find the amount of principal and interest in the fourth payment.(32.51 and 67.49)
2. A loan is being repaid with level payments at the end of each year for 20 years at 9% effective annual interest. In which payment are the principal and the interest most nearly equal to each other?(13th)
3. A loan of $12,000 is to be repaid with equal payments at the end of each year for 20 years. The principal portion of the 13th payment is 1.5 times the principal portion of the 5th payment. Calculate the total amount of interest paid on the loan.($7,586.40)
