Nathan Drake is considering borrowing $2850,000 for 20 years at a compound annual interest rate of 6.59% p.a. The loan agreement calls for 20 equal annual payments, to be paid at the end of each of the next 20 years (payments include both principal and interest.) What is the annual payment that will fully amortize Nathan's loan?

Answer rating: 100% (QA)

Heres how to calculate the annual payment Nathan needs to make to fully amortize his loan 1 ... View the full answer