Homework question help needed

Accounting
Tutor: None Selected Time limit: 1 Day

You just took out a $12,000 loan for your small business. The loan has a 4 year term and repayment is in the form of 4 equal end-of-year payments. The interest rate on the loan is 11.5%. What are your annual loan payments?

Jun 24th, 2015

Thank you for the opportunity to help you with your question!

    A=p(1+r/n)nt

   A =$12000{1+11.5/(100*1)}4

    A=$18547.30total payments after four years

   A=18547.30/4

   A=$4636.83 ans

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Jun 24th, 2015

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