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Updated on: 12 Jun 2024, 01:46
Originally posted by amirsalehi on 23 Aug 2014, 11:09.
Last edited by Bunuel on 12 Jun 2024, 01:46, edited 10 times in total.
Last edited by Bunuel on 12 Jun 2024, 01:46, edited 10 times in total.
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Principal remaining after
12 months under Offer 1: $175,000 Principal remaining after
12 months under Offer 2: $172,700
12 months under Offer 1: $175,000 Principal remaining after
12 months under Offer 2: $172,700
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
25%
(medium)
Question Stats:
82% (02:26) correct
18%
(02:48)
wrong
based on 1728
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Radhika is refinancing a business loan and is considering 2 different loan offers. Under Offer 1, the loan’s initial principal would be $190,000, and she would pay down $1,250 in principal with each monthly payment during the first year of the loan. Under Offer 2, $4,000 in refinancing fees would be added to bring the principal to $194,000, but she would pay down $1,775 in principal with each monthly payment during the first year of the loan.
In the first column of the table, select the amount of principal that would remain after 12 monthly payments under Offer 1. In the second column of the table, select the amount of principal that would remain after 12 monthly payments under Offer 2. Make only two selections, one in each column.
In the first column of the table, select the amount of principal that would remain after 12 monthly payments under Offer 1. In the second column of the table, select the amount of principal that would remain after 12 monthly payments under Offer 2. Make only two selections, one in each column.
ID: 100322
|
Principal remaining after 12 months under Offer 1 |
Principal remaining after 12 months under Offer 2 |
Amount |
| $168,700 | ||
| $171,000 | ||
| $172,700 | ||
| $175,000 | ||
| $176,700 | ||
| $179,000 |
ShowHide Answer
Official Answer
Principal remaining after
12 months under Offer 1: $175,000 Principal remaining after
12 months under Offer 2: $172,700
12 months under Offer 1: $175,000 Principal remaining after
12 months under Offer 2: $172,700
27 Jun 2016, 21:05
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wadbarzain
Pretty simple Q.
Offer 1 :
P=1250 ; months : 12 ; amount to repay : 190000
amount remain after 12 months.
190000-(12*1250) = 175000
Offer 2 :
P=1775; months : 12 ; amount to repay : 194000
amount remain after 12 months.
194000-(12*1775) = 172700
--------------------------------
Shrivathsan
General Discussion
24 Aug 2014, 09:53
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amirsalehi
Offer 1 Offer 2
190,000 Principal 194,000
1,250 Monthly Principal Payments 1,775
15,000 Total Principal Payments after Year 1 21,300
175,000 Principal remaining after Year 1 172,700
