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XYZ Ltd. has an outstanding loan of $100,000 with an interest rate of 6% per annum. The loan is payable in 5 equal annual installments,

XYZ Ltd. has an outstanding loan of $100,000 with an interest rate of 6% per annum. The loan is payable in 5 equal annual installments, with the first payment due at the end of the first year. Calculate the amount of each installment and the interest expense for the second year.

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