Your Brother-In-Law Borrowed $2,000 from You Four Years Ago and Then

question 214

Multiple Choice

Your brother-in-law borrowed $2,000 from you four years ago and then disappeared. Yesterday he returned and expressed a desire to pay back the loan, including the interest accrued. Assuming
That you had agreed to charge him 10%, and assuming that he wishes to make five equal annual
Payments beginning in one year, how much would your brother-in-law have to pay you annually in
Order to pay off the debt? (Assume that the loan continues to accrue interest at 10% per year.)

• A) $697.43
• B) $738.63
• C) $751.46
• D) $772.45
• E) $798.24

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