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Question 10 6 points Save Answer Your company has a $1,000,000. loan for a new assembly station. The interest rate for this loan is 3%
Question 10 6 points Save Answer Your company has a $1,000,000. loan for a new assembly station. The interest rate for this loan is 3% compounded annually. Your company will make $100,000 payment at the end of each year, starting the end of the first year. By calculation, your company will make 13 annual payments. Payments for Year-1 through Year-12 are the same at $100,000. Payment for the last Year-13 will be less than $100,000. To payback this loan of 1M based on this payment plan, how much is the last payment for Year 13? 4,972.55 6,755.27 2,493.59 73,110.63 91,563.48
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