Your Corporation bought $650, 000 of equipment using an installment loan. The note provides for 4% annual interest and equal annual payments of interest and principal of $58,462 on December 31 of each year. Calculate the principal reduction for YEAR 2?

Answer rating: 100% (QA)

Principal reduction for year 2 The principal reduction for year 2 is 3246200 Explanation We can calc... View the full answer