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krek1111 [17]
2 years ago
10

Assume you pay $24,000 today in exchange for an annuity with monthly payments, an APR of 6.75 percent, and a life of 15 years.Wh

at is the payment amount

Business
1 answer:
Fed [463]2 years ago
4 0

Answer:

$212.38

Explanation:

In this question, we use the PMT formula which is shown in the spreadsheet.  

The NPER represents the time period.

Given that,  

Present value = $24,000

Future value = $0

Rate of interest = 6.75% ÷ 12 months = 0.5625%

NPER = 15 years × 12 months = 180 months

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, the answer would be $212.38

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