Mark just took out a loan from the bank for $3,700.00. He plans to repay this loan by making a special payment to the bank of $800.00 in 4 years and by also making equal, regular annual payments of X for 5 years. If the interest rate on the loan is 9.73 percent per year and he makes his first regular annual payment in 1 year, then what is X, Mark's regular annual payment? O $969.33 (plus or minus $1) O $824.76 (plus or minus $1) O $1,178.91 (plus or minus $1) O $1,113.89 (plus or minus $1) O none of the answers are within $1 of the correct answer

Mark just took out a loan from the bank for $3,700.00. He plans to repay this loan by making a special payment to the bank of $800.00 in 4 years and by also making equal, regular annual payments of X for 5 years. If the interest rate on the loan is 9.73 percent per year and he makes his first regular annual payment in 1 year, then what is X, Mark's regular annual payment? O $969.33 (plus or minus $1) O $824.76 (plus or minus $1) O $1,178.91 (plus or minus $1) O $1,113.89 (plus or minus $1) O none of the answers are within $1 of the correct answer

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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