Register now or log in to join your professional community.
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.
USD.3,741..........................,,,,,,,,,,
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
I agree with the experts on >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
$3,741.>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I agree for3741. Equated annual instalments.
Agreed with experts <<<<<<<<<<<<<<<<
>>>>>>>> The answer will be $3,741.
