Economics class problem help plz!?

A

anonymous

New member
A student borrows $20,000 for 10 years. The loan is to be paid back in annual equal payments . Annual interest rate is 10%. Immediately after making the fifth payment, the student wants to pay off the entire remaining amount is one lump sum. How much is this single payment ?
A. $8,934.10
B. $15,123.54
C. $12,338.67
D. $19,321.08

How do I determine the annual payment amount and solve this ? Thanks,
 
Back
Top