SOLUTION: A business borrows 56000 dollars at an effective rate of interest of 7.3 percent. The loan is to be repaid with 14 equal annual payments, the first coming a year from now. How much
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Question 1201070: A business borrows 56000 dollars at an effective rate of interest of 7.3 percent. The loan is to be repaid with 14 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! payments at the end of each year = 6,519.00
calculator used is at https://arachnoid.com/finance/
resuls are shown below:
present value is positive because it's money received.
payments are negative because it's money spent.
interest rate is 7.3% per year.
number of years is 14.
payments are made at the end of each year.
