Shane just bought a new vehicle for his house painting business.The price of the vehicle was $35 000, of which he made a $5000 down payment and took out an amortised loan for the rest.His local bank made the loan at 12% interest for five years.He is to pay back the principal and interest in five equal annual instalments beginning one year from now.Determine the amount of Shane's annual payment.

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The Answer of Shane just bought a new vehicle for his house painting business.The price of the vehicle was $35 000, of which he made a $5000 down payment and took out an amortised loan for the rest.His local bank made the loan at 12% interest for five years.He is to pay back the principal and interest in five equal annual instalments beginning one year from now.Determine the amount of Shane's annual payment.

Shane Just Bought a New Vehicle for His House Painting