Joe borrowed $10,000 at 10% per year and promised to pay it back in eq

Joe borrowed $10,000 at 10% per year and promised to pay it back in equal annual installments at
the end of each of the next 5 years. Joe’s payment will be $2,100 [($10,000/5 ) + ($10,000 × 10%)].

Indicate whether the statement is true or false

ANSWER

FALSE