Micah borrowed $2,000 to be repaid over 8 years. The loan charges an interest rate of 4%

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Micah borrowed $2,000 to be repaid over 8 years. The loan charges an interest rate of 4% per year. Calculate Micah's annual payment.

2. . A value of $1,692 occurs at the beginning of every year for the next 17 years starting now. Calculate the value of this stream of payments 17 years from now given a rate of 5% per year.

3. A value of $2,327 occurs 9 years from now. Calculate the value now given a rate of 2% per quarter.

4.A value of $4,415 occurring now is valued at $6458 11 years from now. Calculate the rate per year.

Related Book For answer-question

Fundamentals of Engineering Economics

ISBN: 978-0132775427

3rd edition

Authors: Chan S. Park

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Posted Date: Mar 17, 2023 05:56 AM

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Micah borrowed $2,000 to be repaid over 8 years. The loan charges an interest rate of 4%

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To calculate Micahs annual payment we can use the formula for the present value of an annuity PV PMT ... View the full answer

Fundamentals of Engineering Economics

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