Your company borrowed a 24-month $500,000 8% fixed rate loan on June 1, 2021. The loan requires payment at the end of each month. Hint: It would be useful to develop an amortization schedule. a) How much is the company’s monthly payment on the loan? b)

Sep 8, 2023

Your company borrowed a 24-month $500,000 8% fixed rate loan on June 1, 2021. The loan requires payment at the end of each month. Hint: It would be useful to develop an amortization schedule.

a)   How much is the company’s monthly payment on the loan?                        

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Your company borrowed a 24-month $500,000 8% fixed rate loan on June 1, 2021. The loan requires payment at the end of each month. Hint: It would be useful to develop an amortization schedule. a) How much is the company’s monthly payment on the loan? b)
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b)   What will be the balance on the loan at the end of May 2022?                      

c)   How much will the company need to refinance the loan at the end of December 2022?

d)   How much of the monthly payment in March 2023 will be used to repay the loan’s principal?

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