Your Firm Intends to Finance the Purchase of a New

question 20

Multiple Choice

Your firm intends to finance the purchase of a new construction crane. The cost is $1,500,000. What is the size of the annual ordinary annuity payment if the loan is amortized over a ten-year period at a rate of 8.50%?

• A) $228,611.56
• B) $127,500
• C) $3,391,475.16
• D) There is not enough information to answer this question.

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