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You borrowed $100,000 at an interest rate of 3.8%, with constant annual payments of both principal...

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Finance

You borrowed $100,000 at an interest rate of 3.8%, with constantannual payments of both principal and interest over 15 years.

What is your annual payment?

What is the outstanding balance after 4 years?

Answer & Explanation Solved by verified expert
3.8 Ratings (668 Votes)
aInformation providedPresent value 100000Time 15 yearsInterest rate 38Enter the below in    See Answer
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Transcribed Image Text

You borrowed $100,000 at an interest rate of 3.8%, with constantannual payments of both principal and interest over 15 years.What is your annual payment?What is the outstanding balance after 4 years?

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