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Your friend obtains a 3-year $60,000 loan at an interest rate of 10% per year. The loan will fully amortize in the 3 years
Your friend obtains a 3-year $60,000 loan at an interest rate of 10% per year. The loan will fully amortize in the 3 years with interest and principal payments due at the end of each year. Complete the following amortization schedule for the FIRST YEAR of the loan. IMPORTANT: This is a fill in the blanks question. Do NOT include the dollar sign. DO NOT include commas. Round to TWO DECIMAL places. For example, for an amortization payment of $24,338.785, you would enter 24338.79. For an amorization payment of $2,000, enter 2000. For an amortization payment of $33,426.320, you would enter 33426.32. Beginning principal: 60000 Annual amortization payment: 24126.88 Interest payment: 6000 Principal payment: 18126.88 Ending principal balance: 41873.12
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