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Category: Finance
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Experience:  Bachelors degree and CPA with Accounting experience.
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Adam borrows $4,500 at 12 percent annually compounded interest

Resolved Question:

Adam borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end-of-year payment is?
Submitted: 6 years ago.
Category: Finance
Expert:  JKCPA replied 6 years ago.
Hi Customer,

Thanks for your question.

By using the excel formula = PMT(.12,4,-4500,0), you get $1,481.55 which is the end of year payment amount.

Hope this helps!
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