You are to repay a loan of $3600.00 with 17 quarterly repayments of $240.00, with the first repayment being one quarter after you took out the loan. Interest is charged at j4 = 7.8390% p.a. One quarter after the last payment of $240.00 you make a partial payment to finish paying off the loan. The size of the partial payment is: Question 1 options: 1) $158.38 2) $220.29 3) $224.61 4) $224.47

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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You are to repay a loan of $3600.00 with 17 quarterly repayments of $240.00, with the first repayment being one quarter after you took out the loan. Interest is charged at j4 = 7.8390% p.a. One quarter after the last payment of $240.00 you make a partial payment to finish paying off the loan. The size of the partial payment is:

Question 1 options: 1) $158.38 2) $220.29 3) $224.61 4) $224.47

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