Answer:
The annual loan payments are closest to $3,395.36
Explanation:
The annual payment on the amortized loan can be ascertained using the pmt formula in excel :
=pmt(rate,nper,-pv,fv)
rate is the 9% annual return expected by the uncle
nper is the length of repayment which is 4 years
pv is the amount borrowed which is $11,000
fv is the future worth of the loan which is unknown
=pmt(9%,4,-11000,0)=$3,395.36
