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What is the amount of each payment for martha

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Reference no: EM132763646

Problem 1: Martha borrows $50,000 from the Mighty Bank today and the Bank requests her to repay her loan in four equal payments along with 12% interest. Each of the four payments must be paid at the end of the next four years. What is the amount of each payment? Please round to the nearest whole number.

a. $10,462
b. $16,462
c. $10,462 plus 12% interest
d. $16,462 plus 12% interest
e. $38,130 plus 12% interest

Reference no: EM132763646

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