What will be the payments on a $35,000 loan to be paid off in five equal annual payments with 12% interest if the first payment is due one year from the date of the loan?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 18P
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What will be the payments on a $35,000 loan to
be paid off in five equal annual payments with
12% interest if the first payment is due one year
from the date of the loan?
Transcribed Image Text:What will be the payments on a $35,000 loan to be paid off in five equal annual payments with 12% interest if the first payment is due one year from the date of the loan?
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