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Robin William borrowed $18,000 at a 14% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal annual

Robin William borrowed $18,000 at a 14% annual rate of interest to be repaid over 3 years.

The loan is amortized into three equal annual end-of-year payments.

a. Calculate the annual end-of-year loan payment.

b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments.

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