Computation of Annual Payment Amount
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Question: If you buy a factory for $250,000 and the terms are 20 percent down with the balance to be paid off over 30 years at a 12 percent rate of interest, the equal annual payments are about ___? Please solve.
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Solution Summary
This solution concisely illustrates all of the steps required in order to solve for annual payments made on a purchase to be paid off in a specified time span. All calculations are provided, along with a description of all the variables needed.
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If you buy a factory for $250,000 and the terms are 20 percent down with the balance to be ...
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