Main line Sports has just acquired a new business van at a cash price of $70,000. Unfortunately, Main line only had $10,000 available and had to finance the balance with the dealer over 5years at 9%. The sales contract calls for Main line to make 5 equal annual year-end payments to retire the debt.
(A) What is the amount of each payment?
(B) What is Mainline's interest expense for year 2? Prepare an amortization table.
(C) What is Mainline's total interest cost over the 5-year term of the loan?
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