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A loan of $30 000 with interest at 8.25% compounded annually is to be amortized by equal payments at the end each year for 8

A loan of $30 000 with interest at 8.25% compounded annually is to be amortized by equal payments at the end each year for 8 years. Calculate the size of the annual payments and construct an amortization schedule. Show the total paid and the cost of financing.

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