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You are thinking about buying a piece of art that costs $20,000. The art dealer is...

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Finance

You are thinking about buying a piece of art that costs $20,000.The art dealer is proposing the following deal: He will lend youthe money, and you will repay the loan by making the same paymentevery two years for the next 30 years. If the interest rate is 10%per year, how much will you have to pay every two years?

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4.1 Ratings (848 Votes)
Solution Payment every two years 445533 or 44553 in one decimal Working Notes Payment every two years is called biennial payment Here the loan    See Answer
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You are thinking about buying a piece of art that costs $20,000.The art dealer is proposing the following deal: He will lend youthe money, and you will repay the loan by making the same paymentevery two years for the next 30 years. If the interest rate is 10%per year, how much will you have to pay every two years?

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