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Task 1: Complete an amortization schedule for a 40,000 loan to be repaid in equal installments at the end of each of the next 3

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Task 1: Complete an amortization schedule for a 40,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 6%, compounded annually. Year Beginning balance Payment Interest Principal repayment Ending balance 1 2 3 O (Show the calculation of the payment in the space provided below)

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