Question

Fishing designs has arranged to borrow $13,000 today at 10% interest. the loan is to be repaid with end-of-year payments of $3,000 at the end of years 1 through 4. at the end of year 5, the remainder will be paid. what is the year 5 payment?

Answer 1

13,000 + 3,000 = 1,600 + 1965 totally amount