A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years. a. What is the

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A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years.

a. What is the annual interest rate?

b. Construct a loan amortization schedule to include the amount of interest and principal paid each year as well as the remaining balance at the end of each year.

Enter the last principal number in year 3: for example in problem 13: you would enter 5735.84 (which was the last principal for 4 years).

Related Book For answer-question

Contemporary Financial Management

ISBN: 9780324289114

10th Edition

Authors: James R Mcguigan, R Charles Moyer, William J Kretlow

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Posted Date: Feb 15, 2024 02:57 AM

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A $100,000 loan requires equal annual end-of-year payments of $38,803.35 for three years. a. What is the

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a Annual Interest Rate We can solve this problem using the annuity for... View the full answer

Contemporary Financial Management

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