A business will take out a 10-year loan of $150,000. The interest rate is 10% per...

A business will take out a 10-year loan of $150,000. The interest rate is 10% per year and the loan calls for a $15,000 reduction in principal each year. What is the total payment in year 3?

Please show work by using appropriate formulas. Thank you.

Expert Solution

jeff jeffy answered 2 months ago

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