Mr jones bought a building for 60000 payable on the, Ask an Expert

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Mr. Jones bought a building for $60,000, payable on the following terms: a $10,000 down payment and 25 equal annual installment payments to include principal and interest of 10 percent per annum.

Calculate the amount of the installment payments. How much of the first year's payment goes toward reducing the principal amount?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92092624

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