Sam is a 22-year-old who used the loan program to borrow $5,000 four years ago when the
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Sam is a 22-year-old who used the loan program to borrow $5,000 four years ago when the interest rate was 4% per year. $8,000 was borrowed three years ago at 5%. Two years ago he borrowed $6,000 at 6%, and last year $7,000 was borrowed at 8% per year. Now he would like to consolidate him debt into a single 20-year loan with a 7% fixed annual interest rate. If Sam makes annual payments (starting in one year) to repay him total debt, what is the amount of each payment?
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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