Register

Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 7% and the term is for 5 years. What is the yearly payment amount?

Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 7% and the term is for 5 years. What is the yearly payment amount?
40.5k views
1 vote
Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 7% and the term is for 5 years.

What is the yearly payment amount?

User Wietse Venema
by
7.0k points

1 Answer

6 votes

Answer: 6,583.

Explanation: 6,583 X 5 years + 7% APR = 32,915 (The 2,915 is interest over the years.)

User Weiya Ou
by
7.2k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

Who was Adam Smith ? Anybody?
In what way did the GI Bill contribute to the growth of professional and white-collar jobs ? A.by providing US laborers with new job-training programs B.by giving US veterans assistance to purchase a new
What is the best way to describe a stock market?
Link Copied!