Asked Oct 30, 2019

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?


Expert Answer

Step 1

Calculation of Current Portion of Debt in Month 16:

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

Excel Spreadsheet:

1 Cost of Building
2 Number of Periods
3 Current Portion of Debt $183,333.33

Image Transcriptionclose

В A 1 Cost of Building $1,650,000 2 Number of Periods 108 3 Current Portion of Debt $183,333.33


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