Please solve this question. Americans spend more than they make. A typical household spends $10,000 dollars...
Please solve this question.
Americans spend more than they make. A typical household spends $10,000 dollars more than it makes. They do this for 8 years. If this debt will be financed at 15% per year, what annual repayment will be required to repay the debt over a 10- year period?
Homework Answers
Spending in excess of income is $10,000 per year and this is done for 8 years so that the debt accumulated to
$80000 for 8 years.
This debt is now financed at 15% per year and 10 annual payments are required.
Find the annual payment using 80000(A/P, 15%, 10) = PMT(15%,10,-80000,0)
which results in a payment of 80000*0.19925 = $15,940
The formula for (A/P, 15%, 10) = (0.15*(1.15^10))/(1.15^10-1) = 0.19925.
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