Question: If you could explain and answer the question please Thank you! A borrower had a loan of $40,000.00 at 5% compounded annually, with 9 annual

If you could explain and answer the question please Thank you!

If you could explain and answer the question please

Thank you!

A borrower had a loan of $40,000.00 at 5% compounded annually, with 9 annual payments. The annual payment is $ (Round to the nearest cent as needed.) Suppose the borrower paid off the loan after 5 years. The amount needed to pay off this loan after 5 years is $ (Round to the nearest cent as needed.)

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