Question
Determine the equal, annual, end-of-year payment required over the life of the following loans to repay them fully during the stated term. Loan Principal ($)
Determine the equal, annual, end-of-year payment required over the life of the following loans to repay them fully during the stated term.
| Loan | Principal ($) | Interest Rate (%) | Term of Loan (Yrs) | Annual Payment ($) |
|
| A | 110,000 | 8 | 17 | ||
| B | 20,000 | 14 | 10 |
| Loan | Principal ($) | Interest Rate (%) | Term of Loan (Yrs) | Annual Payment ($) |
| A | 10,000 | 8 | 17 | (Round to the nearest cent.) |
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