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Homework answers / question archive / If you borrow $10,000 and agree to repay the loan in five equal annual payments at an interest rate of 10%, what will your payment be?

If you borrow $10,000 and agree to repay the loan in five equal annual payments at an interest rate of 10%, what will your payment be?

Finance

If you borrow $10,000 and agree to repay the loan in five equal annual payments at an interest rate of 10%, what will your payment be?

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Annual payment = Principal * (interest rate / (1 - (1 + interest rate)-no of periods)

Annual payment = $10,000 * (10% / (1 - (1 + 10%)-5)

Annual payment = $2637.9748 or $2637.97

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