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Your company is planning to borrow $2.5 million on a 5-year, 11%, annual payment, fully amortized term loan. The data has been collected in the
Your company is planning to borrow $2.5 million on a 5-year, 11%, annual payment, fully amortized term loan. The data has been collected in the Microsoft Excel Online file 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
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Financial Institutions Management
Authors: Anthony Saunders, Marcia Cornett
8th Edition
0078034809, 978-0078034800
