The price of the car is $16,000. Down payment is $6,000. Interest rate 10%. Payback period is 6 years. Determine the yearly installments if Case 1. The carmaker does not pay to the bank. Case 2. The carmaker pays $2000 to the bank.

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A: using excel fv function

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.