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Consider a 5-year amortizing loan. You borrow $1,000,000 initially and repay it in five equal annual year-end payments. a. If the interest rate is 4%,
Consider a 5-year amortizing loan. You borrow $1,000,000 initially and repay it in five equal annual year-end payments.
a. If the interest rate is 4%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
b. Report the whole repayment planning table (including beginning loan balance, interest payment, amortization payment and ending loan balance).
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