Find what next year repayment is

Reference no: EM132213145

Question: Liabilities to credit institutions at the end of the year are $1,800,000. The loan is 12 years old and was taken on April 1, 2010. The loan is equal to installments during the loan period. Each repayment of principal is paid once a year on 1 September, together with interest. Interest on the loan is 6.5% on an annualized basis. The only entry that has been entered in the book is the payment that was made on 1 September. Find you what next year repayment is and how much interest are you paying?

Reference no: EM132213145

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