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Suzanne Brett wants to borrow $55,000 from the bank. The interest rate is 6.5% and the term is for 5 years. What is the yearly payment amount?

Suzanne Brett wants to borrow $55,000 from the bank. The interest rate is 6.5% and the term is for 5 years. What is the yearly payment amount?
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Suzanne Brett wants to borrow $55,000 from the bank. The interest rate is 6.5% and the term is for 5 years.

What is the yearly payment amount?

asked
User Erunehtar
by
8.4k points

1 Answer

1 vote

Answer:

$14575

Step-by-step explanation:

  • $55000
  • 6.5%
  • 5 years

Total payment amount:

  • $55000+5*6.5%= $55000 +32.5%= $55000 *1.325= $72875

Yearly payment:

  • $72875/5= $14575
answered
User Pmadhu
by
8.0k points
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