Determine the quarterly payments


Problem:

Mr. Sullivan is borrowing $2 million to expand his business. The loan will be for ten years at 12% and will be repaid in equal quarterly installments.

Required:

Question: What will the quarterly payments be?

  • $86524
  • $87524
  • $88524
  • $89524

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Accounting Basics: Determine the quarterly payments
Reference No:- TGS0888393

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