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):
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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
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.
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?