By how much will he have reduced the principal

Reference no: EM13203480

Mr Sullivan is borrowing $2 million to expand his business. The loan will be for ten years at 12% on the declining balance, and will be repaid in equal quarterly instalments. What will the quarterly payments be? At the end of the first year, how much interest will Mr. Sullivan have paid? By how much will he have reduced the principal?

Reference no: EM13203480

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