Plz asap A business borrows 57000 dollars at aneffective rate of interest of 8.1 percent.The loan is to be repaid with 10 equalannual payments, the first coming a yearfrom now. How much is each annualpayment?Answer dollars.=

P = Principal loan amount i.e. $57,000 r = Interest rate i.e. 0.081 n = Period of loan i.e. 10 Years…

Answered: A business borrows 57000 dollars at an…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 10P

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A business borrows 57000 dollars at an effective rate of interest of 8.1 percent. The loan is to be repaid with 10 equal annual payments, the first coming a year from now. How much is each annual payment? Answer = dollars.