Answered: If you take out an amortized loan of…

If you take out an amortized loan of $33,000 with a 14 year term and 7.4% interest rate, what are the annual payments you need to make? Round to the nearest dollar.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 13P

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Question

If you take out an amortized loan of $33,000 with a 14 year term and 7.4% interest rate, what are the annual payments you need to make?
Round to the nearest dollar.

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Using excel pmt function

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