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Sheet Metals Has an Outstanding Loan That Calls for Equal

question 64

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Sheet Metals has an outstanding loan that calls for equal annual payments of $12,600.47 over the life of the loan.The original loan amount was $72,000 at an APR of 8.15 percent.How much of the third loan payment is interest?


Definitions:

Useful Life

The estimated period over which an asset is expected to be useful in the operations of a business.

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