In an amortization table for a four-year loan of $45,280, given an interest rate of 11%, how much will the principal payment be in the second year if the loan calls for equal payments? Select one: a.$15222.90 b.$10,448.32 c.$15,593 d.$10,671.69
In an amortization table for a four-year loan of $45,280, given an interest rate of 11%, how much will the principal payment be in the second year if the loan calls for equal payments? Select one: a.$15222.90 b.$10,448.32 c.$15,593 d.$10,671.69
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 12P
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Question
![In an amortization table for a four-year loan of $45,280, given an interest rate of 11%, how much will the principal payment be in the second year if the loan calls for
equal payments?
Select one:
a.$15222.90
O b.$10,448.32
O c.$15,593
d.$10,671.69](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f15ae4a-23d1-4525-8755-97db4f04f1da%2F718009f9-2dfc-4374-ab52-7a607138a627%2Fazri83_processed.png&w=3840&q=75)
Transcribed Image Text:In an amortization table for a four-year loan of $45,280, given an interest rate of 11%, how much will the principal payment be in the second year if the loan calls for
equal payments?
Select one:
a.$15222.90
O b.$10,448.32
O c.$15,593
d.$10,671.69
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