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2. To illustrate with the simplest case of annual payments, suppose you borrow $24,000 at 10...

2. To illustrate with the simplest case of annual payments, suppose you borrow $24,000 at 10 percent compound annual interest to be repaid over the next 6 years. Equal installment payments are required at the end of each year.

Please determine the annual payment, and amortization schedule.

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Answer #1

Ans Annual Payment: $ 5510.58

AMORTIZATION SCHEDULE:

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