Aloan is being repaid with level annual payments based on an annual effective interest rate of 8%. if the amount of principal repaid in the 15th payment is 749.63, calculate the amount of principal repaid in the 7th payment. (a) 375 (b) 405 (c) 437 (d) 472 (e) 510

option (B) 405

Step-by-step explanation:

Data provided in the question:

Annual effective interest rate, r = 8%

Amount of principal repaid in the 15th payment = 749.63

Now,

Under level annual payment,

Principal portion grow by effective interest

Therefore,

Here,

is the principal portion of the payment

thus,

P₇ = P₁₅ × ( 1 + 0.08 )⁽⁷⁻¹⁵⁾

or

P₇ = 749.63 × ( 1.08 )⁻⁸

or

P₇ = 405.00

Hence,

the correct answer is option (B) 405

sinn is the total amount of students now and m were the students before, you subtract them both (n-m) and divide that by m. then, since to get a percentage from a fraction you have to multiply by 100, your answer should look like this: n-m/m*100

step-by-step explanation: