CTL (Concrete Testing Lab) borrowed $80,000 for new equipment at 8 percent per year, compounded quarterly. It
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CTL (Concrete Testing Lab) borrowed $80,000 for new equipment at 8 percent per year, compounded quarterly. It is to be paid back over 3 years in equal quarterly payments. For each part below, use both the interest tables and the Excel® financial functions. Compare answers between the two.
a. How much interest is in the sixth payment?
b. How much principal is in the sixth payment?
c. What principal is owed immediately following the sixth payment?
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Related Book For
Principles Of Engineering Economic Analysis
ISBN: 9781118163832
6th Edition
Authors: John A. White, Kenneth E. Case, David B. Pratt
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