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QUESTION
INSTRUCTIONS: A company borrowed (original principle) is $5,000,000; the loan period is 7 years; the interest rate charged by the lender is 4%;...
8. INSTRUCTIONS: A company borrowed (original principle) is $5,000,000; the loan period is 7 years; the interest rate charged by the lender is 4%; payments are made quarterly. How much would the quarterly payment be? Prove your answer by setting up a loan amortization schedule. Use the format provided:
