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?
1
Expert's answer
2015-03-03T10:00:12-0500
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

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS
paypal