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1 of 8 0-day streak

Solve for present or future value with regular cash flows

Question 1 of 8

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At the start of the model, the equipment loan balance is $72,500

Interest is calculated at a nominal annual rate of 5.5% compounded annually. At the end of every year, a repayment of $6,199.61 is made. The interest is applied before the end-of-period repayment

After 4 years, find the loan balance

2 marks

Calculate the value of the equipment loan at the end of the stated period. Give the answer to the nearest dollar

Format: the nearest dollar