A business takes out a loan of $500 000 from a bank and agrees to repay the loan by paying a fixed amount of $60 000 at

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answerhappygod
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A business takes out a loan of $500 000 from a bank and agrees to repay the loan by paying a fixed amount of $60 000 at

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A business takes out a loan of $500 000 from a bank and agrees
to repay the loan by
paying a fixed amount of $60 000 at the end of each subsequent
year. Once the debt
falls below $60 000 the business pays off the outstanding debt as
the final payment.
Work out the final payment if the interest rate is 7.5% compounded
annually.
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