Question: John Browning was successful in getting a 10 year commercial loan for $12.000.000 for the purchase of the Clearwater Inn. The terms of the loan

John Browning was successful in getting a 10 year commercial loan for $12.000.000 for the purchase of the Clearwater Inn. The terms of the loan are quarterly interest of 2% per quarter with payments made at the end of each quarter.

1. Prepare a loan prepayment schedule for 10 years.

2. What would be his balance due at the end of 5 years?

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