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Additional question You loan $10,000 from the bank, for a term of 4 years. Payments are due once each year, at the end of the
Additional question You loan $10,000 from the bank, for a term of 4 years. Payments are due once each year, at the end of the year. The interest rate is 5%. Use your financial calculator to determine the amount of your loan payments, and then prepare an amortization schedule, in handwritten form, with the following column headings:
Year | Beginning Balance | Year-End Payment | Interest Payment | Principal Payment | End-of-Year Balance |
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