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What is the outstanding loan amount after three years

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Reference no: EM132953635

Question - A firm is considering whether to buy equipment worth $1.1 million.If the equipment is purchased then

It will be financed via a fully amortising loan with the interest of 4 % p.a. convertible monthly.

The loan will be repaid by level annual instalments of principal and interest over 10 years, payable in arrears

What is the outstanding loan amount after 3 years?

a. $887,998.79

b. $813,998.89

c. $814,772.33

d. $913,669.18

Reference no: EM132953635

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