You are considering borrowing $100,000 for 30 years at a compound annual interest rate of 9%. The loan agreement calls for 30 equal annual payments, to be paid at the end of each of the next 30 years. What is the annual payment that will fully amortize the loan? Select one: O a. $3,333.33 O b. $6,400.30 O c. $12,333.33 O d. $9,733.63 Oe. $8,423.33
You are considering borrowing $100,000 for 30 years at a compound annual interest rate of 9%. The loan agreement calls for 30 equal annual payments, to be paid at the end of each of the next 30 years. What is the annual payment that will fully amortize the loan? Select one: O a. $3,333.33 O b. $6,400.30 O c. $12,333.33 O d. $9,733.63 Oe. $8,423.33
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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