Prescott Bank offers you a $33,000, 7-year term loan at 10 percent annual interest. What will your annual loan payment be? |
Multiple Choice
$6,556.79
$7,003.10
$6,778.38
$4,683.46
$7,252.87
Answer
Years |
PVF $ 1 at 10% |
1 / 1.10Year |
|
1 |
0.909090909 |
2 |
0.826446281 |
3 |
0.751314801 |
4 |
0.683013455 |
5 |
0.620921323 |
6 |
0.56447393 |
7 |
0.513158118 |
TOTAL |
4.868418818 |
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