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Answer to Question #79025 in Financial Math for bill kolnsberg
Question #79025
You have a loan outstanding. It requires making 6 annual payments at the end of the next 66
years of $8,000 each. Your bank has offered to allow you to skip making the next 5th payments in lieu of making one large payment at the end of the loan's term in 6 years. If the interest rate on the loan is 8.16 %, what final payment will the bank require you to make so that it is indifferent between the two forms of payment?
years of $8,000 each. Your bank has offered to allow you to skip making the next 5th payments in lieu of making one large payment at the end of the loan's term in 6 years. If the interest rate on the loan is 8.16 %, what final payment will the bank require you to make so that it is indifferent between the two forms of payment?
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