What is the outstanding balance after 6 years?

Intro You borrowed $100,000 at an interest rate of 2.3%, with constant annual payments of both principal and interest over 15 years. Part 1 (1) Attempt 1/5 for 10pts. What is your annual payment? Correct The cash flows are constant and make up an annuity. We can thus use the annuity formula, solved for PMT. PVAN=PMT[I11/(1+I)N]PMT=11/(1+I)NPVANI=11/(1+0.023)15100,0000.023=7,958 Using a financial calculator: Using Excel (do not enter the thousands separators): = PMT(rate, nper, pv) = PMT (0.023,15,100,000) =7,958