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The company purchased the new machine with a loan for the full amount of $1,070,000. Conditions of the loan were 10 years at 7% fixed

The company purchased the new machine with a loan for the full amount of $1,070,000. Conditions of the loan were 10 years at 7% fixed interest.

Prepare the loans amortization table showing for each year, the yearly installment, interest expense, principal pay-back and outstanding balance.

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