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Andy Smith needs to borrow $100,000 to expand his lodging business. The terms are as follows: Loan amount: $100,000 Annual interest rate: 8% Term: 3
Andy Smith needs to borrow $100,000 to expand his lodging business. The terms are as follows:
Loan amount: $100,000
Annual interest rate: 8%
Term: 3 years
Complete the amortization table for this loan.
Year | Payment | Interest | Principal | Balance |
0
| - | - | - | $100,000.00 |
1
| $38,803.35 |
|
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|
2
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3
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