American_Bankers_Association
CTFA · Question #266
CTFA Question #266: Real Exam Question with Answer & Explanation
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Question
You are considering borrowing $10,000 for 3 years at an annual interest rate of 6%. The loan agreement calls for 3 equal payments, to be paid at the end of each of the next 3 years. (Payments include both principal and interest.) The annual payment that will fully pay off (amortize) the loan is closest to:
Options
- A$2674
- B$2890
- C$3741
- D$4020
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