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The compounding frequency on a loan is once every year. If you borrow $35,974.44 at an...

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Finance

The compounding frequency on a loan is once every year. If youborrow $35,974.44 at an annual interest rate of 3.75%, how muchmust you pay every year so that you pay back the loan in 17 years?How do I do the steps in Excel? using PEMDAS

Please show steps

IF YOU GOT 2900. HOW DID YOU GET THAT ?

Answer & Explanation Solved by verified expert
3.8 Ratings (371 Votes)
We are given the following informationr375n17frequency1annual paymentsPV 3597444We need to solve the following equation to arrive at therequired payment or PMTSo the annual payment is 2900We can use the excel formula pmt00375173597440 to getthe same answer The answer will be    See Answer
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The compounding frequency on a loan is once every year. If youborrow $35,974.44 at an annual interest rate of 3.75%, how muchmust you pay every year so that you pay back the loan in 17 years?How do I do the steps in Excel? using PEMDASPlease show stepsIF YOU GOT 2900. HOW DID YOU GET THAT ?

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