Question: You just borrowed $ 2 7 , 4 3 0 . You plan to repay this loan by making X regular annual payments of $

You just borrowed $27,430. You plan to repay this loan by making X regular annual payments of $1,140 and a special payment of special payment of $36,700 in 10 years. The interest rate on the loan is 7.81 percent per year and your first regular payment will be made today. What is X?
Submission instructions: round your answer to 2 decimal places (such as 1.23 or 98.76).

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!