Find the amount of harry''s annual payment

Reference no: EM1316440

Compute the amount yearly loan repayment.

Harry just bought a new four-wheel-drive Jeep Cherokee for his lumber business. The price of the vehicle was $35,000 of which he made a $5,000 down payment and took out an amortized loan for the rest. His local bank made the loan at 10% interest for five years. He has to pay back the loan in five equal annual installments beginning one year from now. Determine the amount of Harry's annual payment.

Reference no: EM1316440

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