Kingsley Toyota borrowed $170,000 from a local bank. The loan requires Kingsley to pay 14 equal annual installments beginning one year from today. Assume an interest rate of 6%. What is the amount of each annual installment payment? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) (Round your final answers to nearest whole dollar amount.)
Table or calculator function: | |
Loan Amount: | |
n = | |
i = | |
Loan Payment: |
Answer. | |
Table of calculator function: |
PVA of $1 |
Loan Amount: | $170,000 |
n= | 14 |
I= | 6% |
Loan Payment = 170000/9.29498 = | $ 18,289 |
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