You are about to borrow $10,000 from a bank at an interest rate of 9% compounded annually.
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You are about to borrow $10,000 from a bank at an interest rate of 9% compounded annually. You are required to make five equal annual repayments in the amount of $2,570.92 per year, with the first repayment occurring at the end of year 1. For each year, show the interest payment and principal payment.
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Loan balance calculation End of period 0 1 ...View the full answer
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