SOLUTION: A business borrows 54000 dollars at an effective rate of interest of 8.1 percent. The loan is to be repaid with 10 equal annual payments, the first coming a year from now. How much

Question 1201059: A business borrows 54000 dollars at an effective rate of interest of 8.1 percent. The loan is to be repaid with 10 equal annual payments, the first coming a year from now. How much is each annual payment?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
payment required is 8083.928254 at the end of each year.
here's what the payment schedule looks like in excel.

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