Borrowed amount is $15 000
Loan period is 3 years
Interest rate is 14% (Assume that payment are made annually)
Question 1
Calculate the Annual end of year loan payment amount
Annuity is a series of or level of cash flow that occurs at the end of each period for some fixed number of periods. It is also known as ordinary annuity.
The present value of an ordinary annuity of C dollars per period for t periods when the rate of return, or interest rate, is r is given by:
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