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c) The bank has agreed to extend a mortgage on a property you wish to purchase in Kalulushi for K500, 000.00 The terms of the
c) The bank has agreed to extend a mortgage on a property you wish to purchase in Kalulushi for K500, 000.00 The terms of the agreement with bank is that you pay an initial deposit of 25% of the property value on signing the contract and balance is will be paid in four equal annual installments that include principle and Ten (10%) interest. Required: Calculate the annual installment and draw the amortization schedule for this loan.
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