Your cousin borrowed $3,000 from you. Assuming that you had agreed to charge him 12%, and...

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

Solutions

Expert Solution

Calculations-

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jeff jeffy answered 1 year ago

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