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Your company is considering buying a new office building. The building costs $1,000,000 but youd put $200,000 down and borrow the rest. The loan is
Your company is considering buying a new office building. The building costs $1,000,000 but youd put $200,000 down and borrow the rest. The loan is a 10 year fully-amortizing mortgage with an interest rate a 8%. Payments for the loan will be made quarterly (i.e. every three months). How much of the second quarterly payment will be interest? (two decimal places on the answer, please)
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