Determine the annual payment on a $15,000 loan that is to be amortized over a four-year period and carries a 10 percent interest rate.

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<strong>$15</strong>,<strong>000</strong> <strong>loan</strong> <strong>that</strong> <strong>is</strong> <strong>to</strong> <strong>be</strong> <strong>amortized</strong><br />

<strong>over</strong> a <strong>four</strong>-<strong>year</strong> <strong>period</strong> <strong>and</strong> <strong>carries</strong> a<br />

<strong>10</strong> <strong>percent</strong> <strong>interest</strong> <strong>rate</strong>.<br />

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rmine-<str<strong>on</strong>g>the</str<strong>on</strong>g>-<str<strong>on</strong>g>annual</str<strong>on</strong>g>-<str<strong>on</strong>g>payment</str<strong>on</strong>g>-<strong>on</strong>-a-15-<br />

<strong>000</strong>-<strong>loan</strong>-<strong>that</strong>-<strong>is</strong>-<strong>to</strong>-<strong>be</strong>-<strong>amortized</strong>-<strong>over</strong>-<br />

a-<strong>four</strong>-<strong>year</strong>-<strong>period</strong>-<strong>and</strong>-<strong>carries</strong>-a-<strong>10</strong>-<br />

<strong>percent</strong>-<strong>interest</strong>-<strong>rate</strong>/