A firm borrows $935,000 for 7 years f...

A firm borrows $935,000 for 7 years for a large item of equipment and installati

Posted in the West Liberty Forum

leonayeh341

Jacksonville, FL

#1 Sep 28, 2013
A firm borrows $935,000 for 7 years for a large item of equipment and installation costs. The interest rate is?
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A firm borrows $935,000 for 7 years for a large item of equipment and installation costs. The interest rate is 7.5%. The loan requires that the interest and principal be paid in equal, annual payments that cover the interest and principal. The interest is determined on the declining balance that is owed. What are the annual payments and the amount by which the loan is reduced during the first year?
kana

Los Angeles, CA

#2 Oct 22, 2013
A firm borrows $935,000 for 7 years for a large item of equipment and installation costs. The interest rate is?A firm borrows $935,000 for 7 years for a large item of equipment and installation costs. The interest rate is 7.5%. The loan requires that the interest and principal be paid in equal, annual payments that cover the interest and principal. The interest is determined on the declining balance that is owed. What are the annual payments and the amount by which the loan is reduced during the first year?

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