Economics class
How much will Kingston technologies have to pay each year in 7 equal payments, starting 2 years from now, to repay a $900,000 loan. The interest rate is 9 % per year?
Kingston Technologies will have to pay $______ each year to repay the loan
Homework Answers
Interest. Rate per year is = 9%
Total installment made per year is 7 which is = 9/7=1.28 % per installments
Total principle amount is $900000 which is divide Into 14 equal installments. $900000/14=64285.7143 per installment without interest
Interest amount will be 1.28*9000=$11520
Total amount pay per installment is $64285.7143+$11520=$75805.7143
Therefore amount per year is $75805.7143*7= $530640
hence, $530640 amount required to repay loan per year
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