You have a loan of $44354 and will repay the loan over 5 years at 2% interest under fixed payment term. What is your "yearly" payment for this loan? (Round your answer to the nearest unit digit. i.e. if your answer is 1234.56, enter 1235.)

You have a loan of $44354 and will repay the loan over 5 years at 2% interest under fixed payment term. What is your "yearly" payment for this loan? (Round your answer to the nearest unit digit. i.e. if your answer is 1234.56, enter 1235.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

Please answer fast please arjent help please ASAP pls

You have a loan of $44354 and will repay
the loan over 5 years at 2% interest under
fixed payment term.
What is your "yearly" payment for this loan?
(Round your answer to the nearest unit
digit. i.e. if your answer is 1234.56, enter
1235.)

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