The purchase of a new irrigation system is requiring a loan of $61,450 at a 10 percent
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Question:
The purchase of a new irrigation system is requiring a loan of $61,450 at a 10 percent annual interest rate. The investor figures on making annual payments of $10,000. Find the length of loan needed to make the investment financially feasible. Suppose the loan length is limited to 8 years.
What is the effect on feasible loan size? What other actions will affect feasibility?
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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