Loan $8,000,000.00 payout 10 years interest rate 10% what will be the annual payment?
Question
Solution 1
To calculate the annual payment, you can use the formula for an annuity which is:
PMT = P * r * (1 + r)^n / ((1 + r)^n - 1)
Where: PMT = annual payment P = principal amount (the loan amount) r = annual interest rate (in decimal) n = number of years
Given: P = $8,000,000 r = 10% or 0.10 n = 10 yea Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
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