If you buy a factory for $100,000 and the terms are 25% down, the balance of...
If you buy a factory for $100,000 and the terms are 25% down, the balance of $75,000 to be paid off over 10 years at a 10% rate of interest on the unpaid balance, what are the 10 equal annual payments?
Homework Answers
Loan Amount = P = 75000
Interest Rate = r = 10%
Period = n = 10
Annual Payment Each Year = [Pr(1+r)n]/[(1+r)n-1]
= 75000*0.10*1.110/(1.110-1) = $12205.90
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