What is yearly business loan payment

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You intend to borrow $50,000 for the start-up of a new business. The new business loan agreement says you will pay the loan back in five equal yearly installments beginning at the end of the third month. However, the loan will start to accrue interest from when the money is taken out. Assume an annual interest rate of 8%.

a) What is yearly business loan payment?

b) What is the total loan amount of interest paid over the life of the business loan?

Reference no: EM131063239

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