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3. Suppose you borrow $63,000 mortgage loan. You are going to repay the loan by making equal annual payments for the five years. The interest

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3. Suppose you borrow $63,000 mortgage loan. You are going to repay the loan by making equal annual payments for the five years. The interest rate on the loan is 8 percent per year. (1) What is your annual payment on the loan? (5) (2) Prepare an amortization schedule for the loan, showing the beginning balance, total payment, interest paid, principal paid and ending balance. (9)

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