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Calculate the size of each instalment payment

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Question - On November 30, 2017, Calla Resources Ltd. borrowed $100,000 from a bank by signing a four-year instalment note bearing interest at 12%. The terms of the note require equal payments each year on November 30, starting November 30, 2018.

Required -

1. Calculate the size of each instalment payment.

2. Calculate the size of each instalment payment.

3. Now assume that the note does not require equal payments but does require four payments that include accrued interest and an equal amount of principal in each payment.

Reference no: EM132913446

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