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John Hopkins hospital needs to borrow $5million to purchase an MRI scanner. The interest on the loan is 6%. Principal and interest payment are equal

John Hopkins hospital needs to borrow $5million to purchase an MRI scanner. The interest on the loan is 6%. Principal and interest payment are equal debt service payments, made on an annual basis. The length of the loan is 5 yrs.

The CFO wants people to develop a loan amortization schedule for the debt borrowing for tomorrow's morning meeting.

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