Loan amount $1.6 Million. Loan duration 20 years. Annual Interest Rate 3.3% The company pays the...
Loan amount $1.6 Million. Loan duration 20 years. Annual Interest Rate 3.3%
The company pays the same amount at the end of each year for 20 years. What is the amount of the yearly payment?
Homework Answers
rate positively ..
| We have to use financial calculator to solve this | ||||
| put in calculator - | ||||
| FV | 0 | |||
| PV | (1,600,000) | |||
| I | 3.30% | |||
| N | 20 | |||
| compute PMT | $110,550.09 | |||
| therefore answer = | $110,550.09 |
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Loan amount $1.6 Million. Loan duration 20 years. Annual
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