Question
Your bank offers to lend you $100,000 at an 8.5% annual interest rate to start a new business.The terms require you to amortize the loan
Your bank offers to lend you $100,000 at an 8.5% annual interest rate to start a new business.The terms require you to amortize the loan with 10 equal end of year payments.How much interest would you be paying in year two?
Step by Step Solution
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Step: 1
Calcualtion of Interest in Year ...
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Corporate Finance A Focused Approach
Authors: Michael C. Ehrhardt, Eugene F. Brigham
4th Edition
1439078084, 978-1439078082
