You have borrowed $20,000 at an interest rate of 10% compounded annually. Equal payments will be made
Question:
You have borrowed $20,000 at an interest rate of 10% compounded annually. Equal payments will be made over a three‐year period with each payment made at the end of the corresponding year. What is the amount of the annual payment? What is the interest payment for the second year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Equal annual payment amount A 20000AP10 3 2000004021 80...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
1+ Reviews
10+ Question Solved
Related Book For 
Question Posted:
