Answered: You got a loan today of $10,000 for 3…

You got a loan today of $10,000 for 3 years, annual interest rate is 6%. The annual payment is closest to: a. $2,674 b. $4,020 c. $2,890 O d. $3,741

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Question

You got a loan today of $10,000 for 3 years, annual interest rate is 6%. The annual payment is closest to:
a. $2,674
b. $4,020
c. $2,890
d. $3,741

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