Question
You borrowed $300,000 exactly 3 years ago. The loan is structured as an amortized loan. The interest rate is 7% and you make quarterly(end-of-quarter) payments
You borrowed $300,000 exactly 3 years ago. The loan is structured as an amortized loan. The interest rate is 7% and you make quarterly(end-of-quarter) payments of $6,374.64. The loan is amortized over 25 years. How much principal have you paid over the first 3 years?
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Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
11th edition
77861752, 978-0077861759
