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  3. on january 2001, a company takes a $5,000,000 loan

On January 2001, a company takes a $5,000,000 Loan to purchase an apartment complex. The...

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Finance

On January 2001, a company takes a $5,000,000 Loan to purchase an apartment complex. The loan is to be financed over 5 years at an interest rate of 4% payable every six months. Using the table below:

TIME

Period

Jan-01

$ 5,000,000.00

Jun-01

1

$ 556,642.63

$ 100,000.00

$ 456,642.63

Dec-01

2

$ 556,642.63

Jun-02

3

$ 556,642.63

Dec-02

4

$ 556,642.63

Jun-03

5

$ 556,642.63

Dec-03

6

$ 556,642.63

Jun-04

7

$ 556,642.63

Dec-04

8

$ 556,642.63

Jun-05

9

$ 556,642.63

Dec-05

10

$ 556,642.63

What is the Principal Payment on the loan as of December 30, 2004?

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