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What is the amount of each payment for bob

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Reference no: EM132763648

Problem 1: Bob borrows $50,000 from the Mighty Bank today and the Bank requests her to repay her loan in four equal payments along with 12% interest. Each of the four payments must be paid at the end of the next three years. What is the amount of each payment? Please round to the nearest whole number.

a. $20,818
b. None of the other alternatives are correct
c. $20,818 plus 12% interest
d. $14,817
e. $14,817 plus 12% interest

Reference no: EM132763648

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