Lou Lewis borrows $10,000 to be repaid in full over 10 years at 8%. Calculate the principal

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Lou Lewis borrows $10,000 to be repaid in full over 10 years at 8%. Calculate the principal repayment in the first year is ____. (Please explain the work done to get an answer)

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Advanced Accounting

ISBN: 978-1118037911

1st Canadian Edition

Authors: Gail Fayerman

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Posted Date: Jun 01, 2023 03:53 AM

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Lou Lewis borrows $10,000 to be repaid in full over 10 years at 8%. Calculate the principal

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P r PV 1 1 rn Where P periodic payment r interest rate per period PV present value or loan amount n ... View the full answer

Advanced Accounting

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