kbrookewheeler kbrookewheeler
  • 24-09-2018
  • Business
contestada

If a bank amortized a loan of 11600000 at 6.9% for 5 years what will the annual payment on the loan be?

Respuesta :

Bacon613
Bacon613 Bacon613
  • 02-10-2018
The final answer is $71,387,708,456.80

First, you plug the variables into the equation.

[tex]11600000(1 + 6.9) ^{5} [/tex]
The answer to that is 356,938,542,284. This is the total amount that is due at the end of the five years.

You then divide that by 5 to get the amount paid each year, thus leaving you with $71,387,708,456.80
Answer Link

Otras preguntas

What was the New Deal supposed to do? a. provide relief, recovery, and reform to a nation in need b. improve U.S. relations with the Soviet Union c. honor th
4.18m-58.53=16.72 what is m?
I'm doing multiply to find an equivalent fraction what do 5/6 equal
Under which president's administration were thousands of African Americans fired from civil service position?
A biologist examines a series of cells and counts 90 cells in interphase, 13 cells in prophase, 12 cells in metaphase, 3 cells in anaphase, and 2 cells in telop
What is the answer to -3+p=?
Jason scored a total of 38.14 points in four events during the state gymnastic competition .If he had the same score for each event ,what was his score for each
What number should be substituted for the question mark to balance the equation and why is that the correct number? 2C2H6 +?O2 → 4CO2 + 6H2O + heat
What has changed in the last 100 years of JROTC?
Italy was used as a battle ground for Austria-Hungary and ___________. a. Spain c. Britain b. France d. Russia