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Calculate the annual-end-of-year loan payment

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Loan amortization schedule John Milo borrowed $150,000 at a 14% annual rate of interest to be repaid over 5 years. The loan is amortized into five equal, annual, end-of-year payments.

a. Calculate the annual, end-of-year loan payment.

b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the five loan payments.

c. Explain why the interest

Reference no: EM132607698

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