Question
(10 points) Boondocks just borrowed $660,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year.
(10 points) Boondocks just borrowed $660,000 to build a new restaurant. The loan terms call for equal annual payments at the end of each year. The loan is for 15 years at an APR of 8.35 percent. How much of the first annual payment will be used to reduce the principal balance? (Use TVM solver first.)
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Mathematics Of Finance
Authors: Robert Brown, Petr Zima
2nd Edition
0071756051, 9780071756051
