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Melinda Paczniak borrowed $4,000 from a private source. Melinda agreed to repay the principal in ...

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Melinda Paczniak borrowed $4,000 from a private source. Melinda agreed to repay the principal in ...

Melinda Paczniak borrowed $4,000 from a private source. Melinda agreed to repay the principal in four installments of $1,000 each. In addition, she paid interest each month, which was calculated by taking 1.5% (monthly rate) of the unpaid balance. Complete Melinda's loan payment schedule. Then use Melinda's loan payment schedule to solve the effective rate problem.

		Unpaid	Interest	Principal	Total	New
	Month	Balance	Payment	Payment	Payment	Balance
a.	1	______	______	$1,000	______	______
b.	2	______	______	$1,000	______	______
c.	3	______	______	$1,000	______	______
d.	4	______	______	$1,000	______	______
		---------	---------
	Total	______	______

e.	Compute the effective annual interest rate in the Paczniak loan agreement by using



	where P is the average principal over the 4-month period, I is the total amount of interest, and T is 4/12 year.

Textbook

Contemporary Business Mathematics for Colleges

Edition: 16^th

Authors: Deitz, Southam

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