Business, 06.12.2021 22:50 zhuotingwu147
Sanders Company is planning to finance an expansion of its operations by borrowing $47,600. City Bank has agreed to loan Sanders the funds. Sanders has two repayment options: (1) to issue a note with the principal due in 10 years and with interest payable annually or (2) to issue a note to repay $4,760 of the principal each year along with the annual interest based on the unpaid principal balance. Assume the interest rate is 9 percent for each option.
Required:
What amount of interest will Sanders pay in year 1 under option 1 and under option 2?
Answers: 1
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Sanders Company is planning to finance an expansion of its operations by borrowing $47,600. City Ban...
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