Betty borrows $60,000 at 12 percent compounded annually. The loan is t

Betty borrows $60,000 at 12 percent compounded annually. The loan is to be repaid in five equal annual
end-of-year installments. How much must each loan payment be?

What will be an ideal response?

ANSWER

$16,644.58, based on PVA = $60,000; N = 5; I = 12%; PMT = $16,644.58