You are considering borrowing $10,000 for 3 years at an annual interest rate of 6%.

Question

The loan agreement calls for3 equal payments, to be paid at the end of each of the next3 years. (Payments include both principal and interest.) The annual payment that will fully pay off (amortize) the loan is closest to

$2,674.

$2,890.

$3,741.

$4,020.

Mir Mujtaba Ali · Answer

USD.3,741..........................,,,,,,,,,,

rohit mehra · Answer

three equal payments =10000 /3 =3333

first year outstanding =10000 interest is600

second year outstanding =6667 () interest is400

third year outstanding =3334 () interest is200

Total outstanding =10000 +1200 =11200

3 equal installments =11200 /3 =3733

Alex Al Yazouri · Answer

I agree with the experts on >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

$3,741.>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Vinod Jetley · Answer

I agree for3741. Equated annual instalments.

Wasi Rahman Sheikh · Answer

Agreed with experts <<<<<<<<<<<<<<<<

مستخدم محذوف‎ · Answer

the loan is closest to $3741

Emad Mohammed said abdalla · Answer

>>>>>>>> The answer will be $3,741.

khaled elkholy · Answer

$3.741 is correct answer.......................

مستخدم محذوف‎ · Answer

AGreed to experts

Thank you

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You are considering borrowing $10,000 for 3 years at an annual interest rate of 6%.

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