Your company is planning to borrow some money on a 16 year, 8%, annual payment,...
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Accounting
Your company is planning to borrow some money on a 16 year, 8%, annual payment, fully amortized term loan. What fraction of the payment made at the end of the year 10 will represent the interest? (Note: retain at least four places of a decimal in your calculation) a. 31.94 % b. 36.98 % c. Insufficient information to solve the question. We need to know the amount borrowed. d. 58.35 % e. 41.65 %
PLEASE DO NOT USE EXCEL. Formulas or financial calculator please
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