The truck that we will use in our business costs $100,000. 10% of this cost will be
Fantastic news! We've Found the answer you've been seeking!
Question:
The truck that we will use in our business costs $100,000. 10% of this cost will be paid as a down payment. For the remaining cost of this truck, we will take out a loan from a bank at 53% APR, compounded semiannually. We will make a monthly installment to pay off the loan in two years. Using this information, determine the principle payment in 10th payment.
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
Posted Date: