Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
The yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.
How to calculate the annual payments?
The annual payments can be computed using an online finance calculator as below.
The results show that a total interest of $8,778.15 will be paid by Perry Mazza.
Data and Calculations:
N (# of periods) = 5 years
I/Y (Interest per year) = 7%
PV (Present Value) = $40,000
FV (Future Value) = $0
Results:
PMT = $9,755.63
Sum of all periodic payments = $48,778.15 ($9,755.63 x 5)
Total Interest $8,778.15
Thus, the yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.
Learn more about computing annual payments at https://brainly.com/question/24576997
We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.