Description
Determine the equal, annual, end of year payment required over the life of the following loans to repay them fully during the stated term. Loan A = $40,000 Principal/ 5% Interest Rate/ 20 yrs. Term of loan. What is the annual payment? (Round to nearest cent)
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Explanation & Answer
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- Annual Payment = P / [ ( 1 - (1/(1+i)^n) ) / i ]
- "P" represents the principal amount; "i" represents the interest rate; and "n" represents the length of the loan in years.
40000/[1-(1/2.65))0.05
40000/(1-0.377)/0.05
40000/(0.623/0.05)
40000/12.46=3210.27
answer is 3210
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