Your brother-in-law borrowed $1,000 from you 10 years ago and then disappeared. Yesterday he returned...
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Your brother-in-law borrowed $1,000 from you 10 years ago and then disappeared. Yesterday he returned and expressed a desire to pay back the loan, including the interest accrued. Assuming you had agreed to charge him interest of 7.00% per year, and that he wishes to make five equal annual payments beginning in one year, how much would your brother-in-law have to pay annually (rounded to the nearest dollar) to extinguish the debt? Your brother-in-law borrowed $1,000 from you 10
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