Question
Your company is planning to borrow $1.5 million on a 5-year, 8%, annual payment, fully amortized term loan. The data has been collected in the
Your company is planning to borrow $1.5 million on a 5-year, 8%, annual payment, fully amortized term loan.
The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.
What fraction of the payment made at the end of the second year will represent repayment of principal? Do not round intermediate calculations. Round your answer to two decimal places (in %).
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
