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Taylor Farms is borrowing $75,000 for 2 years. The loan calls for equal payment at the end of every 6 months. Loan rate is 9

Taylor Farms is borrowing $75,000 for 2 years. The loan calls for equal payment at the end of every 6 months. Loan rate is 9 percent.

a. What is the semiannual payment?

b. How much of the first payment will be used to reduce the principal balance?

c. How much of the second payment is interest?

d. Construct the amortization schedule

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