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On January 1, Frank Jenson bought a new BMW X6 with an automobile loan of $80,000. He will repay the loan in the next 10
On January 1, Frank Jenson bought a new BMW X6 with an automobile loan of $80,000. He will repay the loan in the next 10 years (10 equal EOY payments). If the interest rate is 8% per year, calculate how much of the original principal of $80,000 will be paid in the second payment?
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Engineering Economic Analysis
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
9th Edition
978-0195168075, 9780195168075
