Question: please answer qu4 4. (5 Points) Bank Almighty just gave you a $10,000 loan to buy a car. If the loan requires six equal payments

please answer qu4
 please answer qu4 4. (5 Points) Bank Almighty just gave you

4. (5 Points) Bank Almighty just gave you a $10,000 loan to buy a car. If the loan requires six equal payments with the first payment one year from now, what is the amount of your annual payments? The bank requires a 9% return. a. $3,951.47 b. $1,470.22 c. $2,229.20

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!