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7. You take out a loan today and will make equal annual payments for the next 3 years, starting in 1 year. Amount borrowed $

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7. You take out a loan today and will make equal annual payments for the next 3 years, starting in 1 year. Amount borrowed $ 50,000.00 a. What is the value of the annual payment if the nominal interest on the loan is: 7.00% Payment b. Show the amortization of the loan in the table set up below: Year Beg. Balance Payment Interest Principal Ending Balance 2 TOTAL

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