Your supervisor has tasked you with evaluating several loans related to a new expansion project. Determine the annual payment on a $400,000, 8% business loan from a commercial bank that is to be amortized over a five-year period. Show your work. Does this payment seem reasonable? Explain.

Answer rating: 100% (QA)

To calculate the annual payment for a loan with regular amortization you can use the formula for the ... View the full answer