Question

Asked Oct 30, 2019

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MMS Corp borrows $1,650,000 today for a new building. The loan is an equal principal payment loan with an APR of 6.5% compounded monthly. Payments are due monthly and the term of the loan is 9 years.

The current portion of debt in month 16 is?

Step 1

**Calculation of Current Portion of Debt in Month 16:**

The current portion of month debt 16 is **$183,333.33**.

**Excel Spreadsheet:**

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