Answer:
$20,380.16
Explanation:
in order to find the annual payment, we can use the present value of an annuity formula:
present value = annual payment x PV annuity factor
- present value = $150,000
- PV annuity factor (6%, 10 periods) = 7.3601
annual payment = present value / annuity factor = $150,000 / 7.3601 = $20,380.16
