Today, you signed a 20-year long-term note to borrow $48,350, with a 6% interest rate. You will pay-off the borrowing with 20 annual payments (annuity) each payed at the end of the following 20 years, starting one year from today. What is the amount of each payment?

Answer rating: 100% (QA)

To calculate the amount of each payment for the longterm note we can use the for... View the full answer