A businessman borrowed $1,900,000 from the bank to finance new equipment for his food co-packing factory. The loan is to be paid back in uniform annual payments at an annual interest rate of 4% over 24 years. Calculate the uniform annual payments OA. $127,870 OB. $129,580 OC. $45,600 OD. $48,640 OE. $124,640 COCO

A businessman borrowed $1,900,000 from the bank to finance new equipment for his food co-packing factory. The loan is to be paid back in uniform annual payments at an annual interest rate of 4% over 24 years. Calculate the uniform annual payments OA. $127,870 OB. $129,580 OC. $45,600 OD. $48,640 OE. $124,640 COCO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A businessman borrowed $1,900,000 from the bank to finance new equipment for his food co-packing factory. The loan is to be paid back in uniform annual payments at an annual interest rate of 4%
over 24 years.
Calculate the uniform annual payments
OA. $127,870
OB. $129,580
O C. $45,600
D. $48,640
OE. $124,640
EXIB

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