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Junior has bought a four-wheel-drive Suzuki Vitara SUV for his confectionary business. The price of...

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Finance

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Junior has bought a four-wheel-drive Suzuki Vitara SUV for his confectionary business. The price of the vehicle was $4,500,000, of which he made a $500.000 down payment and took out an amortized loan for the balance. His local bank made the loan at 12% interest for five years. He is to pay back the principal and interest in five equal annual installments beginning one year from now. Determine the amount of Juniors annual payment. Select one: a $1,000,960 Ob. $1,248,344 Oc$900,000 Od $1,109,639

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