The Sweet Basil just borrowed $700,000 [PV] to build a new restaurant. The loan terms call for equal annual payments at the end of each year. The loan is for 15 years at an APR of 8.35 percent. How much of the first annual payment will be used to reduce the principal balance?

Answer rating: 100% (QA)

To determine the amount of the first annual payment that will be used to reduce the principal balanc... View the full answer