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Epitome Healthcare has just borrowed $1,500,000 on a five-year, annual payment term loan at a 15 percent rate. The first payment is due one year
Epitome Healthcare has just borrowed $1,500,000 on a five-year, annual payment term loan at a 15 percent rate. The first payment is due one year from now. Using Excel, construct the amortization schedule for this loan. (Show all formulas.)
First, the annual payment is found as follows:
Annual payment =
Then, the amortization schedule can be constructed: (Show all formulas.)
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