# How large must each payment be if the loan is for $100,000

## Question: How large must each payment be if the loan is for …

How large must each payment be if the loan is for $100,000, the interest rate is 8%, and the loan is paid off in equal installments at the end of each of the next 10 years? This loan is for the same amount as the loan in part b, but the payments are spread out over twice as many periods. Round your answer to the nearest cent.