Ram borrowed $38,000 to start a new business. The lender has agreed to a grace period and will carry the debt for seven years at 8 percent interest with no payments required (the loan will still accrue interest). Once the grace period has expired, ram will pay off the loan over the next 15 years at 11 percent interest.

 

What will his annual payment be?

Answer rating: 100% (QA)

To calculate the annual payment that Ram will have to make after the grace period we first need to c... View the full answer