View Full Version : Question #24
05-30-2006, 02:08 PM
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?
05-30-2006, 02:12 PM
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
05-30-2006, 02:56 PM
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
05-30-2006, 03:24 PM
mistakes like the ones i jsut did will pwn you in these exams
05-30-2006, 03:40 PM
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...
05-30-2006, 05:53 PM
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.
05-31-2006, 08:06 AM
yup that was definitely question #24, thanks.....Im always good for atleast one stupid mistake.
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