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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?
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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
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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
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