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An amount of $19,000 is borrowed from the bank at an annual interest rate of 14%. a. Calculate the equal end-of-year payments required to completely
An amount of $19,000 is borrowed from the bank at an annual interest rate of 14%. a. Calculate the equal end-of-year payments required to completely pay off the loan in 4 years. b. Calculate the repayment amounts if the loan ($19,000) will be repaid in two equal installments of $9,500 each, paid at the end of second and fourth years respectively. Interest will be paid each year. Click the icon to view the interest and annuity table for discrete compounding when i = 14% per year. a. The equal end-of-year payments required to pay off the loan in 4 years are $ 6521 per year. (Round to the nearest dollar.) b. Fill in the table below. (Round to the nearest dollar.) Amount Owed at Beginning of Year Year Interest Accrued for Year $ Total Money Owed at End of Year $ Principal Payment Total End-of-Year Payment $ 1 $ $
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