What will your annual payment have to be

Reference no: EM131923320

Question: You have $20,000 in student loans with an interest rate of 5%, compounded annually. You plan to pay the loans off with equal annual payments over the next ten years.

a. What will your annual payment have to be?

b. Prepare the first three rows of the amortization schedule for paying off this loan.

Reference no: EM131923320

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