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Your firm wants to borrow $1 million and repay this loan in 10 equal annual installments. The first installment will be one year from now. The bank charges an interest rate of 10%. What will your annual installment be? (Hint: the present value of your payments using a discount rate of 10% should equal the amount you borrow) Enter the answer with two decimal points

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MadhavSunar

Answer:

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Answer:

110,000 dollars a year for ten years

Explanation;

100,000 x .10 = 10,000

10,000 + 100,000 = 110,000

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