A solid waste disposal company borrowed money at 10% per year interest to purchase new haulersand other equipment needed at the company-owned landfill site. If the company got the loan 2 yearsago and paid it off with a single payment of $4,600,000, what was the principal amount P of the loan?O a. $3806153O b. $3810653O. $3816035O d. $3801653

The principal amount would the present value of single payment done after 2 years considering the…

A solid waste disposal company borrowed money at 10% pe and other equipment needed at the company-owned landfll go and paid it off with a single payment of $4,600,000, wha O a $3806153 O b. $3810653 O. $3816035 S3801653

A solid waste disposal company borrowed money at 10% pe and other equipment needed at the company-owned landfll go and paid it off with a single payment of $4,600,000, wha O a $3806153 O b. $3810653 O. $3816035 S3801653

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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Question

A solid waste disposal company borrowed money at 10% per year interest to purchase new haulers
and other equipment needed at the company-owned landfill site. If the company got the loan 2 years
ago and paid it off with a single payment of $4,600,000, what was the principal amount P of the loan?
O a. $3806153
O b. $3810653
O. $3816035
O d. $3801653

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