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Part 3. Set up an amortization schedule for a $20,000 loan to be repaid in equal installments at the end of each year for 5

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Part 3. Set up an amortization schedule for a $20,000 loan to be repaid in equal installments at the end of each year for 5 years. The interest rate is 10%, what is the total interest paid over the 5 year period? How large must each annual payment be if the loan is for $50,000? Assume that the interest rate remains at 10% and that the loan is still paid off over 5 years. Show your work. (1 40-40 points)

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