1. Business
  2. Finance
  3. mr jackson plans to borrow an amount of 10000000 as...

Question: mr jackson plans to borrow an amount of 10000000 as...

Question details

Mr. Jackson plans to borrow an amount of $10,000,000 as an additional fund into his business plan at a fixed loan rate of 2% per annum. Due to the initial investment, Jackson will skip the principal payment for the next 2 years. From year 3 onwards, he will repay the same amount until year 12, which he would fulfill the bank loan. How much will you recommend Jackson for the annual payment until year 12?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution