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Example: In this exercise prepare an amortization schedule showing the payments for each loan. Joan Varozza plans to borrow $ 2 0 , 0 0

Example:

In this exercise prepare an amortization schedule showing the payments for each loan.

Joan Varozza plans to borrow $

20, 000

to stock her small boutique.

She will repay the loan with semiannual payments for

5

years at

7 %

interest.

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