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Suppose you borrowed $15,000 at a rate of 8% and must repay it in 3 equal installments at the end of each year of the


Suppose you borrowed $15,000 at a rate of 8% and must repay it in 3 equal installments at the end of each year of the next 4 years. Construct a loan amortization table showing how the loan payments would occur. What is the outstanding balance of the loan after 2 years assuming all payments were made on schedule?

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