Question
John has a company that is planning to borrow $1 million on a 5-year, 14%, annual payment, fully amortized term loan. What fraction of the
John has a company that is planning to borrow $1 million on a 5-year, 14%, annual payment, fully amortized term loan.
What fraction of the payment made at the end of the second year will represent repayment of principal? Do not round intermediate calculations. Round your answer to two decimal places.
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Finance Plain And Simple
Authors: Sebastian Nokes
1st Edition
0273731297, 978-0273731290
