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Establish loan amortization schedules for the following 2 loans to the nearest cent: A 36-month loan of $8,000 with equal installment payments at the end
Establish loan amortization schedules for the following 2 loans to the nearest cent:
- A 36-month loan of $8,000 with equal installment payments at the end of each month.
- The interest rate is 1 percent per month.
- A 25-year mortgage loan of $184,000 at a 10 percent compound annual interest rate
- with equal installment payments at the end of each year.
- You have borrowed $14,300 at a compound annual interest rate of 15 percent. You feel that you will be able to make annual payments of $3,000 per year on your loan. (Payments include both principal and interest.) How long will it be before the loan is entirely paid off (to the nearest year)?
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