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A loan of $10,000 is to be amortized with equal monthly payments rounded up to the nearest dollar over 2 years at i=12%/year. Find the
A loan of $10,000 is to be amortized with equal monthly payments rounded up to the nearest dollar over 2 years at i=12%/year. Find the outstanding principle after 12 months and split the 13th payment into principal and interest. Compute how much interest is paid during the first year (12 payments). Show the last line of the amortization schedule.
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