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  3. mike wants to borrow $50,000 from bank b. the bank

Mike wants to borrow $50,000 from Bank B. The bank is offering an annual interest...

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Finance

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Mike wants to borrow $50,000 from Bank B. The bank is offering an annual interest rate of 9% and the loan requires 20 equal repayments starting 4 years from now (first payment in the beginning of the 4th year). How much is Mike's annual repayment amount? [round the decimals to the nearest hundredth] *Hint: the amount Mike is borrowing should be equal to the present value of the aggregate repaicit amount

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