A hospice wishes to buy equipment it has 40000 of available, Ask an Expert

Finance

A hospice wishes to buy equipment. It has $40,000 of available financing from equity and wishes to borrow $60,000.

a. If it borrows the $60,000 from a bank on a note at 11% for 5 years, what are the payments each year?

b. If it takes a 5-year mortgage on the equipment from a bank at 10%, the annual payments will be $15,827.85. How much interest will be paid each year? How much principal will be repaid each year?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92412100

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