kbrookewheeler kbrookewheeler
  • 24-09-2018
  • Business
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If a bank amortized a loan of 11600000 at 6.9% for 5 years what will the annual payment on the loan be?

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Bacon613
Bacon613 Bacon613
  • 02-10-2018
The final answer is $71,387,708,456.80

First, you plug the variables into the equation.

[tex]11600000(1 + 6.9) ^{5} [/tex]
The answer to that is 356,938,542,284. This is the total amount that is due at the end of the five years.

You then divide that by 5 to get the amount paid each year, thus leaving you with $71,387,708,456.80
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