= 28,000/((1/.0825)-(1/(.0825*((1+.0825)^15))))
= 3321.33
If you put up $28,000 today in exchange for an 8.25%, 15-year annuity, what will the annual cash flow be?
The answer I came up with was $30,310, does anyone know a formula or the steps to find the answer, I just trying using the pmt function in excel.
1 answer