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Q3) a) Amortize a 6% loan of $25,000 that is paid back in four annual endof-period installments. b) What percentage of the payment represents interest

Q3)

a) Amortize a 6% loan of $25,000 that is paid back in four annual endof-period installments.

b) What percentage of the payment represents interest and what percentage represents principal for each of the 4 years? Why do these percentages change over time?

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