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Mr. X has borrowed $20,000, at 15% interest, to be repaid over five years. A) Calculate the annual end-of-year loan payment. B) Prepare a loan
Mr. X has borrowed $20,000, at 15% interest, to be repaid over five years. A) Calculate the annual end-of-year loan payment. B) Prepare a loan amortization schedule showing the interest and principal breakdown of each of the four payments. (Use years and yearly rates to solve this problem.)
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