Question

A loan of 30,000 at the interest rate of 6% compounded annually is to be amortized
by equal payments at the end of each year for 5 years. Find annual payment.
(a) 6121.89 (b) 7121.89
(c) 8121.89 (d) 9121.89​

Answer 1

Answer:

TOTAL AMOUNT:30000

INTREST :6%

TOTAL TIME:5 YEARS.

30000%6=1800.

1800×5YEARS=9121.89 .