Asked by Kristen Morris
Find the amount of the regular payments needed to amortize a $90000 debt at 7% compounded annually with 12 annual payments.
Answers
Answered by
Reiny
let the payment be P
solve for P
90000 = P( 1 - 1.07^-12)/.07
make sure you get 11331.18
solve for P
90000 = P( 1 - 1.07^-12)/.07
make sure you get 11331.18
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