Mr. Mirza borrowed $15,000 at a 14% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal annual end-of-year payments.
Calculate the annual end-of-year loan payment.
Answers
Answer:
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The annual end-of-year loan payment is $ 5700.
Given: Mr. Mirza borrowed $15,000 at a 14% annual rate of interest to be repaid over 3 years.
To Find: The annual end-of-year loan payment.
Solution:
- It is said that the loan is amortized into three equal annual end-of-year payments. Or in other words, the loan is divided into 3 equal parts.
- We are asked to calculate the annual end-of-year loan payment. Let us consider it is for the first year.
So, the amount of money in each part = $15,000 / 3
= $ 5000
The rate of interest is = 14 %
So, the interest = ( 14 × 5000 ) / 100
= $ 700
The total amount to be paid after the first year = $ ( 5000 + 700 )
= $ 5700
Hence, the annual end-of-year loan payment is $ 5700.
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