Answer:
$487.82
Explanation:
For this question we use the PMT formula that is shown in the attached spreadsheet
Provided that
Present value = $23,500
Future value = $0
Rate of interest = 9% ÷ 12 months = 0.75%
Time period = 5 years × 12 months = 60 months
The formula is shown below:
= PMT(Rate;NPER;-PV;FV;type)
The present value come in negative
So, after solving this, annually payment is $487.82
