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Calculate the principal payment for year

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Question - In response to changing regulations and consumer preferences, an egg producer is planning to construct new cage-free egg facility. To finance the expansion, they would take out a $3.95 million loan with an interest rate of 4.15%, fully amortized over 15 years.

(i) What would be the annual loan payment?

a. $359,004

b. $354,186

c. $163,925

d. $270,678

(ii) Calculate the remaining principal for year 13?

a. $666,595

b. $657,662

c. $675,662

d. $3,551,747

(iii) Calculate the principal payment for year 14?

a. $216,106

b. $211,606

c. $249,536

d. $330,964

Reference no: EM133155457

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