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Amount of the loan payment

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A company recently took out a $25,000 loan with interest payable at the rate of 9 percent, compounded annually. The loan is to be paid off in one lump sum, at the end of 3 years. Given it is to include both principal and interest, the amount of the loan payment will beclosestto:

FV of $1@ 9% for 3 years = 1.295

PV of $1@9% for 3 years = 0.7722

  1. $27,250.
  2. $31,750.
  3. $32,375.
  4. $34,000.

Reference no: EM131096529

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