Question
Your company is planning to borrow $500,000 on a 5-year, 8 percent, annual payment, fully amortized term loan. What fraction of the payment made at
Your company is planning to borrow $500,000 on a 5-year, 8 percent, annual payment, fully amortized term loan. What fraction of the payment made at the end of the second year will represent repayment of principal?
A. a. 62.91%
B. b. 45.93%
C. c. 51.32%
D. d. 48.13%
E. e. 73.50%
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Healthcare Finance: An Introduction To Accounting And Financial Management
Authors: Louis Gapenski
6th Edition
1567937411, 978-1567937411
