Question #24

[bech01a1]

If i recall correctly, wasn't #24 the question where you only paid interest for the first 5 years, than made monthly payments of 1000 at an interest rate of 6% compounded monthly, then you had to find out n payments? I thought this problem was fairly simple since you were only paying interest for the first 5 years, which really didn't impact the problem, but I did not get answer E, was there a trick to this problem, or did i make a stupid mistake?

[captn]

you only paid interest for the first 5 years each month

then you paid a monthly payment every month after those first initial 5 years until u paid the loan off.

If you didn't get teh correct answer E it was very likely that you did not count the first 60 interest payments as part of your solution

answer was somehting like 268 + 60 = 338

[tokentime]

lmao...i wonder how much 268 + 60 is equal too...
was really 278 + 60 = 338. and im just messin around captain. I agree with you though, bech probably just forgot to add the 60 payments of Interest only. 278 was answer C

[captn]

lol yea

mistakes like the ones i jsut did will pwn you in these exams

[PistolPt01]

wow. that was question #24. you guys sure? I was convinced I forgot to add the 60 on that question, but I KNOW that I put E for it. righetous...
:duh:

[uiowa08]

I am 98% sure that was question #24. I remember accidentally marking 2 bubbles for #24, and I remember distincly looking at #24, seeing E was 338, and making sure I had just E bubbled in. ALso, if you look at the PAK, C has 19% of the answers, which was I believe 338-60, a common error. More evidence it was #24.

[bech01a1]

yup that was definitely question #24, thanks.....Im always good for atleast one stupid mistake.