Question: Construct an amortization schedule for a $1,000, 8% annual rate loan with 3 equal payments. The first payment will be made at the end of

Construct an amortization schedule for a $1,000, 8% annual rate loan with 3 equal payments. The first payment will be made at the end of the1st year. Find the required annual payments (Why is D the correct answer?)

a)$367.2

b) $355.8

c) $367.2

d) $388.0

e)$390.7

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