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Iris Company took a 5 year, $150,000 loan carrying a 10% annual interest rate. The loan will be paid back in five equal annual installments.

Iris Company took a 5 year, $150,000 loan carrying a 10% annual interest rate. The loan will be paid back in five equal annual installments.

1. What is the fixed amount to be paid in each installment?

2. Show amortization table for the loan.

3. What is the outstanding loan balance after the third installment?

4. What is the principal payment on the fourth payment?

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