You have just received a loan from your bank for $19,000 and you will use it to buy a car. The interest rate is 6 percent and the term of the loan is 6 years. You will make 6 equal annual payments over the six years beginning one year from the day you signed the loan. How much is your annual year-end payment?

Answer rating: 100% (QA)

Loan amount 19000 Interest rate annu... View the full answer