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Detroit Fishing obtained a $40,000 loan for the construction of a trawler, The loan contract requires seven equal annual payments including interest at 11.830625% compounded

Detroit Fishing obtained a $40,000 loan for the construction of a trawler, The loan contract requires seven equal annual payments including interest at 11.830625% compounded annually. Construct the full amortization schedule for the loan.

Construct the amortization schedule for the above loan.

INTERES T PORTION

PRINCIPA L PORTION

PRINCIPA L BALANCE

PAYMEN T#

PAYMEN T

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