In: Finance
Your cousin borrowed $3,000 from you. Assuming that you had agreed to charge him 12%, and assuming that he wishes to make 5 equal annual payments beginning in one year, how much would your brother-in-law have to pay you annually in order to pay off the debt?
Group of answer choices
a. $ 941.89
b. $1,322.33
c. $3,002.56
d. $1,200.00
$ 832.23
Calculations-
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