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March 30, 2017

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If Wilma borrows $5,000 from her brother (at 5% interest per year) and the loan matures in 10 years, how much will she have to pay annually to pay the loan off in 10 years? How much will she have to pay annually to pay the loan off in four years?

  • Business Math - ,

    let her payment be P
    P(1 - 1.05)^-10 )/.05 = 5000
    you do the button-pushing,
    I get P = $647.52

    What do you think has to be changed to calculate for 5 years ?

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