Thread: Loan?Annuity Question

I dont know where to start. Thanks for the help

1. How much can you borrow if the interest rate is 5% and you can afford to pay $7000 at the end of each year and you want to pay the loan off in 12 years.

Originally Posted by GreenandGold

I dont know where to start. Thanks for the help

1. How much can you borrow if the interest rate is 5% and you can afford to pay $7000 at the end of each year and you want to pay the loan off in 12 years.

Perhaps you can view this thread : http://www.mathhelpforum.com/math-he...s-problem.html

and use this formula :