SOLUTION: James borrows $9000 and amortizes the loan for 4 years at 9 percent compounded annually. What are his yearly payments?
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Question 1130383: James borrows $9000 and amortizes the loan for 4 years at 9 percent compounded annually. What are his yearly payments?
Found 3 solutions by MathLover1, Boreal, MathTherapy:
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!
James borrows $9000 and amortizes the loan for 4 years at 9 percent compounded annually. What are his yearly payments?
James borrows $=>
the loan for years=>
%= percent compounded annually=>
to find out what are his yearly payments, divide by
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P= payment (1-(1/1+r)^n)/r
9000=payment (1-(1/1.09)^4)/.09
810=payment (0.2915) but round at the end
payment is $2778.73 annually.
Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!
James borrows $9000 and amortizes the loan for 4 years at 9 percent compounded annually. What are his yearly payments?
Correct answer:
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