A loan of $ 10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 10 % Determine the year in which the interest portion of the payment is most nearly equal to one-half of the payment. The year that the interest portion of payment is most nearly equal to one-half of the payment= ?
A loan of $ 10,000 is amortized by equal annual payments for 30 years at an effective annual interest rate of 10 % Determine the year in which the interest portion of the payment is most nearly equal to one-half of the payment. The year that the interest portion of payment is most nearly equal to one-half of the payment= ?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 15P
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