A borrower obtained a commercial loan for $4.5 million. The interest rate was fixed at 5.95% and had a 25-year amortization period. How much does the borrower still owe on the loan after making 38 payments, assume they never paid extra principal? In other words, assume that only the required 4 payments were made. 4,080,277.52 Between 4,227,000 and 4,227,225

A borrower obtained a commercial loan for $4.5 million. The interest rate was fixed at 5.95% and had a 25-year amortization period. How much does the borrower still owe on the loan after making 38 payments, assume they never paid extra principal? In other words, assume that only the required 4 payments were made. 4,080,277.52 Between 4,227,000 and 4,227,225

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 4P: Gifts Galore Inc. borrowed 1.5 million from National City Bank. The loan was made at a simple annual...

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