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A company borrowed $16,000 paying interest at 10% compounded annually. If the loan is repaid by payments of $2200 made at the end of each
A company borrowed $16,000 paying interest at 10% compounded annually. If the loan is repaid by payments of $2200 made at the end of each year, construct a partial amortization schedule showing the last three payments, the total paid, and the total interest paid. Complete the table below for the last three payments. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Outstanding Number Amount Paid Interest Paid Principal Repaid Principal 12 $2200 $ 13 $ $2200 $ 14 $ $0 Total Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.) Interest Paid = $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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