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On January $1,2024,$ Sunland Corp. borrows $$18,600$ by signing a $3-y$ ear, $6\%$ note payable. The note is repayable in three annual fixed principal payments on December $31$ of each year.

$($a$)$

Your answer is correct.

Calculate the annual principal payment.

Annual principal payment

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$($b$)$

Prepare an instalment payment schedule for the note.