If you borrow $15,500 with a 5 percent interest rate to be repaid in seven equal payments at the end of the next 7 years, what would be the amount of each payment? (Note: Use the present value of an annuity table in the Exhibit 1-3.) (Round your PV factor to 3 decimal places and final answer to the nearest dollar amount.) Amount per payment $ rev: 07_16_2013_QC_32729, 07_29_2013_QC_33022 Explanation: $15,500/5.786 = $2,679

If you borrow $15,500 with a 5 percent interest rate to be repaid in seven equal payments at the end of the next 7 years, what would be the amount of each payment? (Note: Use the present value of an annuity table in the Exhibit 1-3.) (Round your PV factor to 3 decimal places and final answer to the nearest dollar amount.)

  

Amount per payment

$

 rev: 07_16_2013_QC_32729, 07_29_2013_QC_33022

Explanation: $15,500/5.786 = $2,679