On November 1, 2015, Norwood borrows $510,000 cash from a bank by signing a five-year installment note
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Question:
On November 1, 2015, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal total payments each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.)
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Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.)
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1. | Complete the below table to calculatethe total amount of each installment payment. |
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