Answer:
$2,400
Step-by-step explanation:
Brendon Walsh wants to borrow the sum of $40,000 from the bank
The interest rate is 6%
The term is 5 years
Therefore the yearly payment amount can be calculated as follows
= 40,000 × 5 × 6/100
= 40,000 × 5 × 0.06
= 12000/5
= $2,400
Hence the yearly payment is $2,400
