Bank of America offers you a $120,000, 6-year term loan at 8 percent annual interest. What will your annual loan payment be?
Ans $ 19324.31
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
P = | (6%)*120000 |
1 - (1 / (1 + 6%)^8)) | |
P = | 7200 |
0.372587629 | |
P = | 19324.31 |
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