Question
You borrowed $150,000 exactly 3 years ago. The loan is structured as an amortized loan. The interest rate is 6% and you make quarterly (end-of-quarter)
You borrowed $150,000 exactly 3 years ago. The loan is structured as an amortized loan. The interest rate is 6% and you make quarterly (end-of-quarter) payments of $2,905.59. The loan is amortized over 25 years. How much principal have you paid over the first 3 years?
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Management Accounting For Business
Authors: Colin Drury, Mike Tayles
8th Edition
1473778808, 978-1473778801
