Suppose you borrowed $37,000 at a rate of 9.0% and must repay it in 4 equal installments at the end of each of the next 4 years. how large would your payments be?

C = 11,420.7405

Explanation:

Loan for 37,000 at 9% in four annual payment

We have to calculate the cuota of an annuity

where rate = 0.09

time = 4

and present value is the 37,000 we receive today

C = 11,420.7405

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