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You have just taken out an installment loan of $1,000. Assume that the loan will be repaid in three equal annual payments with the first

You have just taken out an installment loan of $1,000. Assume that the loan will be repaid in three equal annual payments with the first payment due one year from today. Work out the amortization schedule of the loan, given 6% as the interest rate charged on the loan balance that is outstanding at each point in time.

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