What is the outstanding balance at the end of ten years

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Reference no: EM13808260

Your firm has borrowed $15 million from a bank under the following terms: Payments are to be mode end of every quarter for next 25 years. Interest rate is 8.4% compounded quarterly. Prepare an amortization table using XL. Answer the following questions.

a) What is the outstanding balance at the end of 10 years?

b) What is the total interest paid over the term of the loan?

Reference no: EM13808260

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