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! Hi, He observes that work expands so as to fill the time available for its completion.

Hi,

below is the solution 

Principle amount =$12000

Time= 4 years 

int rate =11.5%

Int=P*R*T

Int=12000*11.5/100*4

int=5520

therefore annual loan payment is 

= $5520

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 24th, 2015

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