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You borrowed 10,000 at 14% compound annual interest for four (4) years. The loan is repayable in four equal installments payable at the end of

You borrowed 10,000 at 14% compound annual interest for four (4) years. The loan is repayable in four equal installments payable at the end of the year

i. What is the annual payment that will amortize completely the loan over four years (you may wish to round to the nearest dollar) (5 marks)

ii. Of each equal payment, what is the amount of interest and the amount of loan principal?

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