Sturdy Metals Inc. received a loan of $800,000 from the Small Business Banking Association to purchase additional
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Sturdy Metals Inc. received a loan of $800,000 from the Small Business Banking Association to purchase additional factory space. It received the loan at 7.75% compounded monthly and had to make equal month- end payments for 20 years to amortize the loan. What was the size of the periodic payment and how much did it pay in interest over the period of the loan? Construct a partial amortization schedule showing details of the first two payments and the last two payments of the loan.
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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