Question
Total Inc. recently purchased a new office building costing $15 million. The firm financed this purchase at 6 percent APR with quarterly compounding. Quarterly payments
Total Inc. recently purchased a new office building costing $15 million. The firm financed
this purchase at 6 percent APR with quarterly compounding. Quarterly payments starting from next quarter will be $400,000. How many years will it take the firm to pay off this debt?
(Please show your work)
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Investments
Authors: Zvi Bodie, Alan J. Marcus, Alex Kane
6th Edition
0072861789, 9780072861785
