A 20000 loan is taken out may 1 2005 and is to be repaid, Financial Management

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A 20000 loan is taken out may 1 2005 and is to be repaid

A $20,000 loan is taken out May 1, 2005 and is to be repaid with 15 annual payments, with the first payment made May 1, 2006. The loan interest rate is 5% annual effective interest and the level annual payment is $2,000 for the first 14 payments. What is the reduced final payment to the nearest cent?

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Financial Management: A 20000 loan is taken out may 1 2005 and is to be repaid

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