Ayam Sdn Bhd who owns chicken farm in Kulai has borrowed $8 M from Along Bank...
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Ayam Sdn Bhd who owns chicken farm in Kulai has borrowed $8 M from Along Bank with the understanding that the company will pay $2 M at the end of year 1 and then makes equal annual payments in years 2 through 7 to pay off the loan. If the interest rate on the loan was 9% per year, how much was each payment in years 2 through 7? Ayam Sdn Bhd who owns chicken farm in Kulai has borrowed $8 M from Along Bank with the understanding that the company will pay $2 M at the end of year 1 and then makes equal annual payments in years 2 through 7 to pay off the loan. If the interest rate on the loan was 9% per year, how much was each payment in years 2 through 7?
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ANSWER This is a typical case of a loan with equal annual payments known as an annu... View the full answer
Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Posted Date:
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