zayy4887 zayy4887

08-08-2017
Business

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Manufacturer borrows $85,000 for machinery. the loan is for 10 years at 12% per year. what is the annual payment on the machinery?

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dogmama89 dogmama89

08-08-2017

Your teacher likes 12% lol.

you need to know x/85,000 = 12/100

100x= 1,020,000

x=10,200

loan will total 95,200 over 10 years, divide by 10

$9520 a year

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