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Calculate the amount of the fixed principal payment

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Question - A local company has just approached a venture capitalist for financing to develop a ski hill. On April 1, 2017, the venture capitalist lent the company $614,400 at an interest rate of 5%. The loan is repayable over four years in fixed principal payments. The first payment is due March 31, 2018. The ski hill operator's year end will be December 31. Calculate the amount of the fixed principal payment.

Reference no: EM132569924

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