Determine the annual payments joe must make

Reference no: EM131975088

Problem

A school loan is made to Joe Moss. He will receive $5,000 each year for four years. He will repay the loan with annual payments over a 10-year period starting on the anniversary date of the loan in the fifth year. His loan rate is 7.5%. Determine the annual payments Joe must make.

Reference no: EM131975088

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