Ford borrows 10000000 at 7 per annum interest rate, Finance Basics

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Ford borrows 10000000 at 7 per annum interest rate

Question: Ford borrows 10,000,000 at 7% per annum interest rate compounded quarterly. The loan is amortized over 5 years and requires quarterly payments. Ford's principal will be drawn down to zero after its last payment. What percentage Ford's 10th payment is principle?

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Finance Basics: Ford borrows 10000000 at 7 per annum interest rate

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Finance Basics: Ford borrows 10000000 at 7 per annum interest rate

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