Question: Consider a 4-year amortizing loan. You borrow $3,000 initially and repay it in four equal annual year-end payments. a. If the interest rate is 10%,

Consider a 4-year amortizing loan. You borrow $3,000 initially and repay

Consider a 4-year amortizing loan. You borrow $3,000 initially and repay it in four equal annual year-end payments. a. If the interest rate is 10%, what is the annual payment? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Annual payment b. Prepare an amortization schedule. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required

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