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November 30th, 2015, 11:32 AM  #1 
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 8,434 Thanks: 570  Need a loan?
A loan of 20,000 is arranged this way: 4 equal annual payments of p extra payment of 3,000 at end of year 2 and year 4 year 1 rate: 6% year 2 rate: 7% year 3 rate: 8% year 4 rate: 9% Those rates are the effective rates; as example, 1st year's interest = 20000* .06 = 1,200 It'll look like: Code: YEAR PAYMENTS INTEREST BALANCE 0 20000.00 1 p 1200.00 ? 2 p ? ? 2 3000.00 .00 ? 3 p ? ? 4 p ? 3000.00 4 3000.00 .00 .00 at our Bank, you need to calculate p. Good Luck! 

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