How much is each end of the year payment

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A woman borrows sixty-five thousand dollars and will repay the loan in equal annual payments over the next 10 years. The interest rate on the loan is 9%. How much is each end of the year payment?

I know (or think) that the answer is 10,128.31, but I need to know how to do this type of problem. I keep re-reading explanations and no joke, I'm in tears. I have a test tomorrow and this just makes no sense. I need a good walk-through and seriously talk to me like I'm a first grader. Thanks

Reference no: EM13298915

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