The terms require you to amortize the loan with 15 equal


Your bank offers to lend you $100,000 at an 9.5% annual interest rate to start your new business. The terms require you to amortize the loan with 15 equal end-of-year payments. How much interest would you be paying in Year 1?

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Financial Management: The terms require you to amortize the loan with 15 equal
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