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Answer to Question #50989 in Finance for Asif

Question #50989
A loan Agreement specifies that a payment of $133.33 are to be made each month for five years. the annual interest rate specified is 6 percent. What is the amount of loan?
Expert's answer
If a loan agreement specifies that a payment of $133.33 are to be made each month for 5 years and the annual interest rate specified is 6 percent, the amount of loan will be: L = 133.33*12*5/1.06^5 = $5977.92

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