A company has borrowed $30,000 at 6.0% interest compounded annually. The loan is for 5 years. What is the total interest that will be paid?
$10,147 |
||
$8.246 |
||
$9,512 |
||
$11,837 |
EAI = Loan / PVAF ( r%, n)
= $ 30,000 / PVAF ( 6%, 5)
= $ 30,000 / 4.2124
= 7121.89
Total Int = [ EAI * Instalments ] - Loan
= [ 7121.89 *5 ] - 30000
= 35609.46 - 30000
= 5609.46
A company has borrowed $30,000 at 6.0% interest compounded annually. The loan is for 5 years....
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