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2 years ago

Perry Mazza wants to borrow $40,000 from the bank. The interest rate is 7% and the term is for 5 years.

1 answer:

8 0

The yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.

<h3>How to calculate the annual payments?</h3>

The annual payments can be computed using an online finance calculator as below.

The results show that a total interest of $8,778.15 will be paid by Perry Mazza.

<h3>Data and Calculations:</h3>

N (# of periods) = 5 years

I/Y (Interest per year) = 7%

PV (Present Value) = $40,000

FV (Future Value) = $0

<u>Results:</u>

PMT = $9,755.63

Sum of all periodic payments = $48,778.15 ($9,755.63 x 5)

Total Interest $8,778.15

Thus, the yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.

Learn more about computing annual payments at brainly.com/question/24576997

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