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A bank loan requires you to pay $70,000 at the end of each of the next eight years. The interest rate is 8%. Return to

A bank loan requires you to pay $70,000 at the end of each of the next eight years. The interest rate is 8%.

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Return to que 4 a. What is the present value of these payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete and correct. Present value 402,265.73 4 points 03:28:44 b. Complete the following amortization table. (Negative amounts shoud be indicated by a minus sign. Round your answers to nearest whole dollar amount.) X Answer is complete but not entirely correct. Year Payment Interest (8%) Loan Red. 1 $ 37,819 X $ 40.844 X Ending Balance 364,446 323,602 279,490 2 3 Beginning Balance $ 402,265 364,446 323,602 279,490 231,849 180,397 124,829 64,815 4 231,849 70,000 X $ 70,000 X 70,000 X 70,000 X 70,000 X 70,000 X 70,000 X 70,000 X 32,181 $ 29,156 X 25,888 X 22,359 X 18,548 14,432 X 9,986 X 5,785 X 5 44,112 x 47,641 X 51,452 X 55,568 > 60,014 X 6 180,397 124,829 64,815 7 8 64.815 X

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