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A bank loan requires you to pay $83,500 at the end of each of the next eight years. The interest rate is 10%. a. What
A bank loan requires you to pay $83,500 at the end of each of the next eight years. The interest rate is 10%. 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 445,466.34 b. Complete the following amortization table. (Negative amounts should be indicated by a minus sign. Round your answers to nearest whole dollar amount.) Answer is complete but not entirely correct. Year Ending Balance 1 406,513 2 363,664 3 316,530 Beginning Balance Payment Interest (10%) Loan Red. $ 445.466 $ 83.500 X $ 44,547 X $ 38,953 X $ 406,513 83,500 X 40,651 X 42,849 X 363,664 83,500 X 36,366 X 47,134 X 316,530 83,500 X 31,653 X 51,847 X 264,683 83,500 X 26,468 % 57,032 X 207,652 83,500 X 20,765 X 62,735 X 144.917 83,500 X 14,492 X 69,008 % 75,908 83,500 7,591 X 75,909 X olol 4 264,683 5 207,652 6 144,917 7 75,908 8
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