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Effective-interest method for amortizing debt

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Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2013, Grace was loaned $147,000 at an annual interest rate of 6%. The loan is repayable over 5 years in annual installments of $34,897, principal and interest, due each June 30. The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be June 30.

Reference no: EM13762574

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