What Is the Size of the Final Unequal Payment of a Loan

question 105

Multiple Choice

What is the size of the final unequal payment of a loan that has 69.47 payments and the equal payment size is $215.64? The interest rate is 3.1% per compounding period.

• A) $120.17
• B) $210.17
• C) $102.17
• D) $99.10
• E) $99.17

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Definitions:

Buffers

Solutions or substances that minimize changes in pH when acids or bases are added to them, maintaining stability in biological and chemical systems.

Neutralization Reaction

A chemical reaction in which an acid and a base react to form water and a salt, achieving a balanced pH.

Salt

An ionic compound resulting from the neutralization reaction of an acid and a base, commonly exemplified by sodium chloride.

Water

A clear, flavorless, scentless, and almost colorless substance that forms the primary part of the Earth's hydrosphere and the liquids within most living beings.