John Doeber borrowed $125,000 to buy a house. His loan cost was 11% and he promised o repay the loan in 15 equal annual payments. How much are the annual payments? A) $3,633 B) $9,250 C) $13,113 D) $17,383© BrainMass Inc. brainmass.com June 3, 2020, 7:41 pm ad1c9bdddf
The annual payments are an annuity, the present value of which is ...
The solution explains the calculation of annual payments.