Question
You have decided to apply for a bank loan to equip your company's laboratory, for which it requires $ 2,000,000.00, currently the company has retained
You have decided to apply for a bank loan to equip your company's laboratory, for which it requires $ 2,000,000.00, currently the company has retained earnings of $ 500,000, which it will use to give the equipment down payment. The rest will be financed with a 10-year loan at a rate of 12% per year, capitalized monthly. The bank requests to make constant monthly payments (the same payment at the end of each month, during the 120 month duration of the credit). What amount will you pay exclusively for interest (debt service) in the 3rd month of the credit? (The currency is Mexican pesos)
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