Question

Baths Bank offers you a $72,000, nine-year term loan at 10.20 percent annual interest. Required: What will your annual loan payment be? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermedi decimal places (e.g., 32.16) ate calculations. Round your answer to 2 .) Annual loan payment References
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Answer #1

Annuity formula = Interest / (1- (1/ (1+rate))^n)

= (72000 * 10.2%) / (1- (1/(1+10.2%))^9)

= $12601.68

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