Practice Quiz

Enrolled Actuary Exam Prep

Category - Enrolled Actuary

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Terms of a loan: Amount of loan $75,000 Repayment period 5 years Repayment plans for loan: Repayment Plan #1 Level annual payments at the beginning of each year Repayment Plan #2 Level semi-annual payments at the end of each 6-month period 1000 d(4) = 76.225X = the annual payment under Repayment Plan #1. Y = the total payments in each year under Repayment Plan #2. In what range is X −Y ?
  1. Less than $1,000
  2. $1,000 but less than $1,025
  3. $1,025 but less than $1,050
  4. $1,050 but less than $1,075
  5. $1,075 or more
Explanation
Answer: C - $1,025 but less than $1,050
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