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A homeowner borrows $150,000 on a mortgage loan, and the loan is to be repaid in four equal payments at the end of each of
A homeowner borrows $150,000 on a mortgage loan, and the loan is to be repaid in four equal payments at the end of each of the next 4 years. The lender charges 5% on the balance at the begginning of each year. Set up the amortization schedule.
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