First State Bank offers you a $115,000, 5-year term loan at 6 percent annual interest. What will your annual loan payment be?
Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
115,000=Annuity[1-(1.06)^-5]/0.06
115,000=Annuity*4.21236379
Annuity=115,000/4.21236379
=$27300.59(Approx).
First State Bank offers you a $115,000, 5-year term loan at 6 percent annual interest. What...
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