Question

find the periodic payment of a loan with present value 19000 and an annual interest rate 5.8% for a term of 5 years with payments made and interest charge total times per year

Answer 1

Present value V= $19000

anual rate= 5.8%

T= 5 years

Payment is VRT/100

P = 19000•5.8•5/100= $5510

Then add $19000 + $5510= 24510

Now divide by 5

=24510/5= $4902 per year

Answer is periodic payment of $4902 per year