Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you borrowed $100,000 at an interest rate of 3.8%,

You borrowed $100,000 at an interest rate of 3.8%, with constant annual payments of both principal...

80.2K

Verified Solution

Question

Finance

You borrowed $100,000 at an interest rate of 3.8%, with constantannual payments of both principal and interest over 15 years.

What is your annual payment?

What is the outstanding balance after 4 years?

Answer & Explanation Solved by verified expert
3.8 Ratings (668 Votes)
aInformation providedPresent value 100000Time 15 yearsInterest rate 38Enter the below in    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

You borrowed $100,000 at an interest rate of 3.8%, with constantannual payments of both principal and interest over 15 years.What is your annual payment?What is the outstanding balance after 4 years?

Other questions asked by students

Q

Complete the following statements about the crystallinity in polymers by choosing the right answers in the [box]. Most...

Mechanical Engineering
Q

x 1 Write an equation of the line that is perpendicular to the line y...

Biology
Q

QUESTION 3 Information is given about ABC Determine if the information gives one triangle two...

Basic Math
Q

Suppose 4 O O O O A In 12 OB 3 O c log4 12...

Calculus
Q

What is the pressure on a horizontal surface with an area of 3 m that...

Calculus
Q

Every group must work on the provided scenario and attempt to deal with the...

Accounting
Q

image
image
image
image

Accounting
Q

Name: BUS ADM 201 Introduction to Financial Accounting Fall 2018 Disc #: EXTRA CREDIT III...

Accounting
Q

Show with work please! thank you! The cost of equipment...

Accounting
Q

Conciliacin y asientos bancarios Sunshine Interiors deposita todos los recibos de efectivo todos los...

Accounting
Q

of the following bond ratings, which option is likely to require highest rate of return?...

Finance
Q

A company's stock has a beta of 2.0. The risk-free rate is 2%. The expected...

Finance