Homework Answers
| The correct answer is A) $1948.69 |
| P = (Pv*R)/[1 - (1 + R)^(-n)] |
| P = (5,000/0.0824)/[1- (1+ 0.0824)^(-3)] |
| P = 412/0.211437 |
| P = 1,948.6 |
| Where, |
| P = Annual Payment |
| Pv = Present Value |
| R = Periodic Interest Rate = (1.02)^4 = 1.0824 i.e. 8.24% |
| n = Total number of interest periods |
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