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Financial Mathematics Old FM Forum

 
 
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Old 10-24-2019, 07:15 PM
ManuelG ManuelG is offline
CAS SOA
 
Join Date: Mar 2016
Studying for SRM
College: Actuarial Science BUAP
Posts: 26
Default FM Problem

Hi guys, can you help me with this problem, I've tried to figure it out but I'm stucked.

A loan of 5000 can be repaid by payments of 117.38 at the end of each month for n years (12n payments), starting one month after the loan is made. At the same rate of interest, 12n monthly payments of 113.40 each accumulate to 10,000 one month after the final payment. Find the equivalent effective annual rate of interest.

Thank you in advance!
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