Solved

Your Brother-In-Law Borrowed $2,000 from You Four Years Ago and Then

Question 198

Multiple Choice

Your brother-in-law borrowed $2,000 from you four years ago and then disappeared. Yesterday he returned and expressed a desire to pay back the loan, including the interest accrued. Assuming
That you had agreed to charge him 10%, and assuming that he wishes to make five equal annual
Payments beginning in one year, how much would your brother-in-law have to pay you annually in
Order to pay off the debt? (Assume that the loan continues to accrue interest at 10% per year.)


A) $697.43
B) $738.63
C) $751.46
D) $772.45
E) $798.24

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents