Business, 22.02.2020 02:58 quise2ross

A bank offers you a $1M loan with an IRR of 4% (i. e. the bank makes a return of 4% on the loan). The bank requires you to repay the loan in 14 equal annual installments, starting next year.(a) What is the annual payment on the loan, to the nearest dollar

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A bank offers you a $1M loan with an IRR of 4% (i. e. the bank makes a return of 4% on the loan). Th...