Basics of Engineering Economy 2nd Edition by Anthony Tarquin,Leland Blank

Exercise 18

In order to build a new warehouse facility, the regional distributor for Valco Multi-position Valves borrowed $1.6 million at 10% per year interest. If the company repaid the loan in a lump sum amount after two years, what was ( a ) e amount of the payment, and ( b ) e amount of interest