Question
Tyes Inc. issues a $1,000,000, 12%, 20-year mortgage note on December 31, 2016. The terms provide for semiannual installment payments of $66,462 which covers interest
Tyes Inc. issues a $1,000,000, 12%, 20-year mortgage note on December 31, 2016. The terms provide for semiannual installment payments of $66,462 which covers interest and part on the principal. What is the principal balance after the second semiannual payment?
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Handbook Of The Economics Of Finance Volume 2A
Authors: George M. Constantinides, Milton Harris, Rene M. Stulz
1st Edition
0444535942, 978-0444535948
