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  1. business
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  3. 2. to illustrate with the simplest case of annual

2. To illustrate with the simplest case of annual payments, suppose you borrow $22,000 at...

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2. To illustrate with the simplest case of annual payments, suppose you borrow $22,000 at 12 percent compound annual interest to be repaid over the next six years. Equal installment payments are required at the end of each year. In addition, these payments must be sufficient in amount to repay the $22,000 together with providing the lender with a 12 percent return. Please determine the annual payment, and amortization schedule

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