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i need the correct asnwer plz and thanks. An amount of $14,000 is borrowed from the bank at an annual interest rate of 12% a.
i need the correct asnwer plz and thanks.
An amount of $14,000 is borrowed from the bank at an annual interest rate of 12% a. Calculate the equal end-of-year payments required to completely pay off the loan in 4 years b. Calculate the repayment amounts if the loan ($14,000) will be repaid in two equal installments of $7,000 each paid at the end of second and fourth years respectively. Interest will be paid each year. Click the icon to view the interest and annuity table for discrete compounding when i=12% per year. a. The oqual end-of-year payments required to pay off the loan in 4 years are $ 4609.81 per year. (Round to the nearest dollar) b. Fill in the table below. (Round to the nearest dollar.) Amount Owed Interest Total Money Total at Beginning Accrued Owed at Principal End-of-Year Year of Year for Year End of Year Payment Payment 1 Step by Step Solution
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