Compute annual payment
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Intermediate term loan for 1,000,000 to be paid off in equal installments at the end of each of the next 5 years. The interest rate is 14%, what is the annual payment.
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This solution is comprised of a detailed explanation to answer what is the annual payment.
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We have to use annuity formula to solve the problem.
PVA = W x 1 - 1 where PVA is the present value of loan
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