Question
Loan paymentDetermine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully
Loan
paymentDetermine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan.(Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.)
| Principal | Interest rate | Term of loan (years) |
|
| $12,000 11% 5YEARS |
The amount of the equal, annual, end-of-year payment,
CF, is $. (Round to the nearest cent.)
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Broadcasting Finance In Transition
Authors: Jay G. Blumler, T. J. Nossiter
1st Edition
0195050894, 978-0195050899
