SOLUTION: Mr. Y is borrowing €5,000 at a compound annual interest rate of 6%. Amortize the loan if annual payments are made for 5 years!
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-> SOLUTION: Mr. Y is borrowing €5,000 at a compound annual interest rate of 6%. Amortize the loan if annual payments are made for 5 years!
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Question 1172446: Mr. Y is borrowing €5,000 at a compound annual interest rate of 6%. Amortize the loan if annual payments are made for 5 years! Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! using the calculator found at: https://arachnoid.com/finance/index.html, make the following inputs:
present value = -5000
future value = 0
number of periods = 5
interest rate % per period = 6
paymnt at end of period
click on pmt and the calculator tells you that the payment at the end of each year needs to be 1186.98.
here's are the results from the use of that calculator.
any questions, let me know.
theo
