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FOR DEMINAL SHOW 4 DEMINAL PLEASE You borrow $10,000 today with interest rate 7%, and you plan to pay the bank back with 7 equal

FOR DEMINAL SHOW 4 DEMINAL PLEASE

You borrow $10,000 today with interest rate 7%, and you plan to pay the bank back with 7 equal annual payment. Let us assume the first payment happen at the end of each year.

2(a) how much is the annual payment?

You borrow $10,000 today with interest rate 7%, and you plan to pay the bank back with 7 equal annual payment

2(b) How much is the interest payment for year 3?

You borrow $10,000 today with interest rate 7%, and you plan to pay the bank back with 7 equal annual payment.

2(c) How much is the balance of principle at the end of year 7?

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