Answered

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If the company repaid the loan in a lump sum amount after 2 years, what was the amount of the payment

Sagot :

Cricetus

Answer:

The correct answer is "$2.18 million".

Explanation:

The given problem seems to be incomplete. The attachment of the complete question is attached below.

Given that,

Principle,

= 1.8 million

Interest rate,

= 10%

Number of years,

= 2 years

Now,

The factor will be:

= [tex](1+0.10)^2[/tex]

= [tex](1.1)^2[/tex]

= [tex]1.21[/tex]

hence,

The amount of payment will be:

= [tex]Principle\times factor[/tex]

= [tex]1.8\times 1.21[/tex]

= [tex]2.18 \ million[/tex]

View image Cricetus
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