Prescott Bank offers you a $32,000, 6-year term loan at 12 percent annual interest. What will your annual loan payment be?
Loan Amount, PV = $32,000
Time Period, N = 6 years
Interest Rate, I = 0.12
Calculating Annual Payment on Loan,
Using TVM Calculation,
PMT = [PV = 32,000, FV = 0, N = 6, I = 0.12]
PMT = $7,783.22
Annual Payment = $7,783.22
Prescott Bank offers you a $32,000, 6-year term loan at 12 percent annual interest. What will...
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