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A company is planning to borrow $500,000 on a 5-year, 7 percent, annual payment, fully amortized term loan. What is the interest payment made at

A company is planning to borrow $500,000 on a 5-year, 7 percent, annual payment, fully amortized term loan. What is the interest payment made at the end of the year 3 ?

Interest payment made at the end of year 3 is $ __________

If possible please show calculations.

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