Question

Sam Robinson borrowed $21,000 from a friend and promised to pay the loan in 10 equal annual installments beginning one year from the date of the loan. Sam’s friend would like to be reimbursed for the time value of money at a 9% annual rate. What is the annual payment Sam must make to pay back his friend?

Answer 1

First of all why was Sam Robinson borrowing 21000 dollars and second of all I do mot know