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Problem 2 Boston & Boston Inc. just borrowed $2,000,000 on a ten-year, annual payment term loan at a 6 percent rate. The first payment is

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Problem 2 Boston & Boston Inc. just borrowed $2,000,000 on a ten-year, annual payment term loan at a 6 percent rate. The first payment is due one year from now. Construct the amortization schedule for this loan (complete the table below) Beginning Balance $2,000,000 Annual Payment Annual Interest 6% Repayment of Principal Ending Balance 1 Year 1 2 3 - L au 8 9 10

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