You are about to borrow $15000 from a bank at an interest rate of 8% compounded annually.
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You are about to borrow $15000 from a bank at an interest rate of 8% compounded annually. You are required to make three equal annual repayments the amount of $5,820.50 per year, with the first repayment occurring at the end of year 1. Show the interest payment and principal payment in each year.
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End of Year 0 1 2 23 3 Princ...View the full answer
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