Your Company borrowed $10,000 using a 10-year installment note. The interest rate is 6% and the annual

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Your Company borrowed $10,000 using a 10-year installment note. The interest rate is 6% and the annual payment of $1,359, due each December 31, includes both interest and principal. How much of the second payment would reduce principal?

Group of answer choices

$ 600

$ 804

$ 855

$ 759

$1,359

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Feb 03, 2024 02:46 AM

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Your Company borrowed $10,000 using a 10-year installment note. The interest rate is 6% and the annual

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