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1.Harry just bought a new four-wheel-drive Jeep Cherokee for his lumber business. The price of the vehicle was $45,000, of which he made a $5,000
1.Harry just bought a new four-wheel-drive Jeep Cherokee for his lumber business. The price of the vehicle was $45,000, of which he made a $5,000 down payment and took out an amortized loan for the rest. His local bank made the loan at 7.25 percent interest for six years. He is to pay back the principal and interest in five equal annual installments beginning one year from now. Determine the amount of Harrys annual payment. Create an amortization table (15 points)
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