Find out the amount of the loan payment, Accounting Basics

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Find out the amount of the loan payment

Problem:

John's Auto Repair just took out a $52,000, 10-year, 8%, interest-only load from the bank. Payments are made annually.

Required:

Question: What is the amount of the loan payment in year 10?

A. $7,120
B. $56,160
C. $13,264
D. $49,000

Note:Provide specific examples to support your answers.

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Accounting Basics: Find out the amount of the loan payment

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Accounting Basics: Find out the amount of the loan payment

Reference No:- TGS0889728

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Find out the amount of the loan payment

Reference No:- TGS0889728

Recent Questions Asked Accounting Basics

Q : Calculating the correlation coefficient

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