Manufacturing company borrows 4 million euros from the bank to fight the consequences of the corona...

Manufacturing company borrows 4 million euros from the bank to fight the consequences of the corona virus. The repayment schedule is based on an annuity. The interest rate is 8% and the loan is paid back with 4 annual payments.

Question:

* What is the loan balance immediately the first loan payment is made?

(Please present your answers by rounding up to thousands and use thousands as unit of measurement. For example the answer 250920 should be written as 251)

Expert Solution

Calculations-

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jeff jeffy answered 2 years ago

Manufacturing company borrows 5 million euros from the bank to fight the consequences of the corona...

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