Campus Flights takes out a bank loan in the amount of $279,395 on March 1. The terms of the loan include a repayment of principal in 6 equal installments, paid annually from March 1. The annual interest rate on the loan is 6%, recognized in year 1. Compute the principal due in year 1 rounded to the whole dollar.

Campus Flights takes out a bank loan in the amount of $279,395 on March 1. The terms of the loan include a repayment of principal in 6 equal installments, paid annually from March 1. The annual interest rate on the loan is 6%, recognized in year 1. Compute the principal due in year 1 rounded to the whole dollar.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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104.
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