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A homeowner has a ten‑year home-improvement loan for $36,875. What are the annual payments required by the loan if the annual rate of interest is 4 percent

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Answer:

$4,546.35

Explanation:

We use the PMT formula that is to be presented in the attachment. kindly find out below:

Provided that,  

Present value = $36,875

Future value or Face value = $0

Rate = 4%

NPER = 10 years

The formula is shown below:  

= -PMT(Rate;NPER;PV;FV;type)  

So, after solving this, the annual payment required is $4,546.35

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