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If you buy a factory for $250,000 and the terms are 20 percent down, the balance to be paid off over 30 years at a 12 percent rate of interest on the unpaid balance, what are the 30 equal annual payments?

a. $20,593
b. $31,036
c. $24,829
d. $50,212
e. $ 6,667

Respuesta :

Answer:

c. $24,829

Explanation:

We use the PMT formula that is shown in the spreadsheet below:

Provided that,  

Present value = $250,000 - $250,000 × 20% = $200,000

Future value = $0

Rate of interest = 12%

NPER = 30 years

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, the answer would be $24,828.73

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