Your brother-in-law borrowed $2,000 from you 4 years ago and then disappeared. Yesterday he returned...
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Accounting
Your brother-in-law borrowed $2,000 from you 4 years ago and then disappeared. Yesterday he returned and expressed a desire to pay back the loan, including the interest accrued. Assuming that you had agreed to charge him 10%, and assuming that he wishes to make five equal annual payments beginning in one year, how much would your brother-in-law have to pay you annually in order to pay off his debt? (Assume that the loan continues to accrue interest at 10% per year until its completely paid off). $730.60 * 887a *
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