Question: 1. Construct an amortization schedule for a $1,000, 10% annual rate loan with 3 equal installments. 2. What is the annual interest expense for the

1. Construct an amortization schedule for a $1,000, 10% annual rate loan with 3 equal installments.
2. What is the annual interest expense for the borrower, and the annual interest income for the lender, during Year 2?

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