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Your friend Tim obtained a loan of $26,000 at 7.5% per annum to fund the purchase of his new car. He will repay this loan

Your friend Tim obtained a loan of $26,000 at 7.5% per annum to fund the purchase of his new car. He will repay this loan over four years in equal annual instalments

(i)compute the annual instalment amount for Tim to pay off the loan over 4 years

(ii)complete the loan amortisation schedule

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