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Eva8 [605]
3 years ago
14

If a bank amortized a loan of 11600000 at 6.9% for 5 years what will the annual payment on the loan be?

Business
1 answer:
kkurt [141]3 years ago
6 0
The final answer is $71,387,708,456.80

First, you plug the variables into the equation.

11600000(1 + 6.9) ^{5}
The answer to that is 356,938,542,284. This is the total amount that is due at the end of the five years.

You then divide that by 5 to get the amount paid each year, thus leaving you with $71,387,708,456.80
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The net cash provided or (used) by investing activities is computed thus:

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