Jan gives Ted a loan at 4% effective to be repaid by 10 annual payments of 100, followed by 5 annula payments of 200. Just after Ted makes the 5th payment, Jan and Ted discover that the payments should have been 10% higher than they were originally scheduled. They agree that Ted will make increased payments of K in the 6th through 10th years to adjust for error. The payments of 200 in the 11th to 15th years will not change . Determine K.
My approach:
loan price = 100 a angle 15 + v^10 * 100 a angle 5 = P
remaining balance after 5th payment:
P * (1.04)^5 - 100 a angle 5 = R
R = (100+K) a angle 5 + v^5 200 a angle 5 and solve for K
But I am not getting the right answer for some reason
Can someone point out the error here please?
My approach:
loan price = 100 a angle 15 + v^10 * 100 a angle 5 = P
remaining balance after 5th payment:
P * (1.04)^5 - 100 a angle 5 = R
R = (100+K) a angle 5 + v^5 200 a angle 5 and solve for K
But I am not getting the right answer for some reason
Can someone point out the error here please?
asm question
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