Robert Martino plans to borrow $8,000 for five years.  The loan will be repaid with a single payment after 5 years, and the interest on the loan will be computed using the simple interest method at an annual rate of 8 %.  How much will Robert have to pay in 5 years?  How much will he have to pay at maturity if he's required to make annual interest payments at the end of each year?

Answer rating: 100% (QA)

Total borrwoed amount P 8000 Number of years t 5 years Annual Interest rate r 8 Calcu... View the full answer