Question
Please answer all. Norenco borrows $750,000 over 4 years, with an interest rate of 12% per annum on the unpaid balance. The repayment schedule calls
Please answer all.
Norenco borrows $750,000 over 4 years, with an interest rate of 12% per annum on the unpaid balance. The repayment schedule calls for four equal annual payments, the first occurring at the end of year 1. The answer choices are the same for all questions: 156,925.83 71,168.90 220,469.49 90,000 246,925.83 593,074.17
What is the annual payment of the loan?
What is the amount of interest paid at the end of the first year?
What is the amount of principal reduction at the end of the first year?
What is the remaining balance at the end of the first year?
What is the interest paid at the end of the second year?
What is the remaining balance at the end of the third year?
What is the principal reduction at the end of the fourth year?
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