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lozanna [386]
3 years ago
13

Adam borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. the actual end-of

-year payment is ________.
Business
1 answer:
Kazeer [188]3 years ago
8 0
Use the formula of the present value of an annuity ordinary which is
Pv=pmt [(1-(1+r)^(-n))÷r]
Pv present value 4500
PMTthe actual end-of-year payment?
R interest rate 0.12
N 4 equal annual installments
Solve the formula for PMT
PMT=pv÷[(1-(1+r)^(-n))÷r]
PMT=4,500÷((1−(1+0.12)^(−4))÷(0.12))
PMT=1,481.55
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