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Consider a 4-year amortizing loan. You borrow $2,100 initially and repay it in four equal annual year-end payments. a. If the interest rate is 10%,
Consider a 4-year amortizing loan. You borrow $2,100 initially and repay it in four equal annual year-end payments. a. If the interest rate is 10%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment b. Prepare an amortization schedule. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Time Loan Balance (5) Year-End Interest Due on Loan Balance ($) Total Year- End Payment ($) Amortization of Loan (S) 0 2,100.00 1 2 3 4
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