If you borrow $50,000 at an annual interest rate of 12% for six years,what is the annual payment (prior to maturity)on a fully amortized loan?
A)$0.00
B)$6,000.00
C)$8,333.33
D)$12,161.29

Question

Quizplus · Accepted Answer

The annual payment on a fully amortized loan can be calculated using the formula for an annuity. Given the principal, interest rate, and loan term, the annual payment is $12,161.29.

If You Borrow $50,000 at an Annual Interest Rate of 12