What percentage of the total payments made

Reference no: EM131941355

Question: A bank just approved your small business loan for $20,000. The loan has an interest rate of 8% and will be repaid with 10 end-of-year payments. What is the required annual loan payment?

Halfway through the loan's life, what is the loan's remaining balance?

What percentage of the total payments made during the first five years will be made toward interest?

Reference no: EM131941355

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