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Manufacturer borrows $85,000 for machinery. the loan is for 10 years at 12% per year. what is the annual payment on the machinery?

Manufacturer borrows $85,000 for machinery. the loan is for 10 years at 12% per year. what is the annual payment on the machinery?
asked 24.9k views
3 votes
Manufacturer borrows $85,000 for machinery. the loan is for 10 years at 12% per year. what is the annual payment on the machinery?

asked
User Anton Pomieshchenko
by
8.7k points

1 Answer

3 votes
Your teacher likes 12% lol.


you need to know x/85,000 = 12/100

100x= 1,020,000

x=10,200

loan will total 95,200 over 10 years, divide by 10

$9520 a year
answered
User JustWonder
by
7.6k points
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