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On october 1, 2011, Milan Enterprises borrows $300,000 cash from a bank by signing a three- year instalment note bearing 10% interest. The note requires
On october 1, 2011, Milan Enterprises borrows $300,000 cash from a bank by signing a three- year instalment note bearing 10% interest. The note requires equal total payments each year on September 30.
Required 1. Compute the total amount of each istallment payment. 2. Complete an amortization table for this istallment note.
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