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He will lend you the money and you will repay the loan by

You are thinking about buying a piece of art that costs $20,000. The art dealer is proposing the following deal:

He will lend you the money, and you will repay the loan by making the same payment every two years for the next 10 years (i.e.. a total of 5 payments).

If the interest rate is 4% per year, how much will you have to pay every two years?

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Financial Management: He will lend you the money and you will repay the loan by

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Financial Management: He will lend you the money and you will repay the loan by

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