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Consider a 3-year mortgage loan of $2,000 that needs to be paid off with 3 equal end-of-year payments. Annual interest is 4%. What is the
Consider a 3-year mortgage loan of $2,000 that needs to be paid off with 3 equal end-of-year payments. Annual interest is 4%. What is the ending balance on this loan at the end of year 2 (as marked by "X" in the amortization table)? Round ALL your calculation results to the nearest $1, i.e., whole number. Do not include the dollar sign in your answer. End of End of Beginning End of Year 3 Year 1 Year 2 Payment N/A Interest N/A Due Principal Reduction N/A Loan Balance Consider a 3-year mortgage loan of $2,000 that needs to be paid off with 3 equal end-of-year payments. Annual interest is 4%. What is the ending balance on this loan at the end of year 2 (as marked by "X" in the amortization table)? Round ALL your calculation results to the nearest $1, i.e., whole number. Do not include the dollar sign in your answer. End of End of Beginning End of Year 3 Year 1 Year 2 Payment N/A Interest N/A Due Principal Reduction N/A Loan Balance
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