Question
Meyer borrowed $75,000 from the First National Bank of Bloomington on January 1, 2020. This loan is amortized over 5 equal annual payments using an
Meyer borrowed $75,000 from the First National Bank of Bloomington on January 1, 2020. This loan is amortized over 5 equal annual payments using an annual interest rate of 5.00%. The first annual payment of $17,323.11 is due on January 1, 2021. What amount of the loan payment due on January 1, 2022 (ie second annual payment) is interest and what amount is reduction of principal?
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Bitcoin Goes Kaboom Caveat Emptor Let The Buyer Beware
Authors: William Peterson
1st Edition
1494334763, 978-1494334765
