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Mr. Jones bought a building for $60,000, payable on the following terms: a $9,000 down payment and 20 equal annual installment payments to include principal
Mr. Jones bought a building for $60,000, payable on the following terms: a $9,000 down payment and 20 equal annual installment payments to include principal and interest of 11 percent per annum. Use Table IV or a financial calculator to answer the questions. Round your answers to the nearest cent.
Calculate the amount of the installment payments. $
How much of the first years payment goes toward reducing the principal amount?
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