Erindale Bank offers you a $60,000, six-year term loan at 8.0% annual interest. What will your...
Erindale Bank offers you a $60,000, six-year term loan at 8.0% annual interest. What will your annual loan payment be? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Annual loan payment $
Homework Answers
Ans $ 12978.92
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )-n | |
| P = | (8%)*60000 |
| 1 - (1 / (1 + 8%)^6)) | |
| P = | 4800 |
| 0.369830373 | |
| P = | 12978.92 |
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