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5. Suppose we borrow $2000 at 5% APR and pay it off in 24 monthly payments. a) Make an amortization table showing payments over the

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5. Suppose we borrow $2000 at 5% APR and pay it off in 24 monthly payments. a) Make an amortization table showing payments over the first three months. b) How much equity have you built up after 3 months? Show your work. Payment Payment number 1 Applied to interest Applied to balance owed Outstanding balance 2. 3

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