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find the periodic payment of a loan with present value 19000 and an annual interest rate 5.8% for a term of 5 years with payments made and interest charge total times per year

1 Answer

7 votes

Present value V= $19000

anual rate= 5.8%

T= 5 years

Payment is VRT/100

P = 19000•5.8•5/100= $5510

Then add $19000 + $5510= 24510

Now divide by 5

=24510/5= $4902 per year

Answer is periodic payment of $4902 per year

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