The truck that we will use in our business costs $100,000. 10% of this cost will be paid as a down payment. For the remaining cost of this truck, we will take out a loan from a bank at 53% APR, compounded semiannually. We will make a monthly installment to pay off the loan in two years. Using this information, determine the principle payment in 10th payment.

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Given Loan amount present value PV 90000 053 Monthly interest rat... View the full answer