Please do fast ASAP fast You get a student loan of $20,000 with an annual interest rate of 6% where you make a paymentonce a year. You plan to pay off the loan in 5 years (get the loan in year 0 and then payments in year1 through year 5). What is the amount of each payment?A = $20,000 (A/P, 6%, 1)A = $20,000 (A/P, 6%, 5)O A = $20,000 (A/F, 6%, 5)O A = $20,000 (A/F, 6%, 6)None of the answers here are correct

Time value of money (TVM) refers to the method used to measure the amount of money at different…

Answered: What is the amount of each payment?

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Finance

What is the amount of each payment?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Please do fast ASAP fast

You get a student loan of $20,000 with an annual interest rate of 6% where you make a payment
once a year. You plan to pay off the loan in 5 years (get the loan in year 0 and then payments in year
1 through year 5). What is the amount of each payment?
A = $20,000 (A/P, 6%, 1)
A = $20,000 (A/P, 6%, 5)
O A = $20,000 (A/F, 6%, 5)
O A = $20,000 (A/F, 6%, 6)
None of the answers here are correct

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