Question
Your brother plans to borrow $37,000 at a 6.8% interest rate compounded annually. The contract terms...
Your brother plans to borrow $37,000 at a 6.8% interest rate compounded annually. The contract terms require your brother to amortize the loan with 8 equal payments each made at the end of each year. He asks for your help to construct an amortization schedule showing details of the payments. Answer the following question: For the second year, how much payment amount does your brother need to make? Select one: a. $5756.90 b. $3632.37 c. $5756.898704 d. $6148.37 e. $3632.367816 f. $6148.367816 g. $3401.093461 h. $3401.10
Answers
Doubt or problrm in this then comment below.. i will explain you..
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please thumbs up for this solution..thanks..
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37000 = pmt * [ 1- (1+0.068)^(-8) ] / 0.068
so , we get pmt = 6148.367816
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answer = option f) = $ 6148.367816
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