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Given the following partial amortization table for a loan repaid in level payments. Fill in the rest of the table (keep adding rows until the
Given the following partial amortization table for a loan repaid in level payments. Fill in the rest of the table (keep adding rows until the loan is paid off) and use it to answer the following questions: (Round the entries in the table off to two decimal places. Give your answers to 2 decimal places but keep 5 decimals for intermediate computations.) Partial Amortization Table Principal Payment Interest Reduction Time Outstanding Balance ? 0 1 ? 4227.441 21072.561 2277.001 ? 2 ? ? ? a) What is the amount of the level payment? b) What is the initial amount of the loan (the balance at time t = 0)? c) What is the effective interest rate per period? (For 3.06% give your answer as 3.06 not 0.0306) d) How many payments until the loan is paid off
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