Question
Q 15- You borrowed $300,000 exactly 5 years ago.The loan is structured as an amortized loan.The interest rate is 6% and you make quarterly (end-of-quarter)
Q 15-
You borrowed $300,000 exactly 5 years ago.The loan is structured as an amortized loan.The interest rate is 6% and you make quarterly (end-of-quarter) payments of $5,811.17.The loan is amortized over 25 years.
How much principal have you paid over the first 5 years? (nearest dollar.)
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
8th edition
978-1-119-3904, 1119392422, 111939242X, 1119390451, 978-1119392422
