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Your company is planning to borrow $1,000,000 on a 10 year, 8 percent (EAR), annual payment, fully amortized loan. What fraction of the payment made
Your company is planning to borrow $1,000,000 on a 10 year, 8 percent (EAR), annual payment, fully amortized loan. What fraction of the payment made at the end of the fourth year, will represent repayment of interest? Note: Please retain at least 4 decimal places in your calculation and choose the closest option. O a 38% O b. 62% O c. 58% O d. 42% e. 46%
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