Calculate the annual payment and complete the following loan

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Reference no: EM131984480

Shipra got a job, the first thing she bought was a new car. She took out an amortized loan for $20,000-with no ($0) down payment.

She agreed to pay off the loan by making annual payments for the next four years at the end of each year. Her bank is charging her an interest rate of 7% per year.

Yesterday, she called to ask that you help her compute the annual payments necessary to repay her loan. Calculate the annual payment and complete the following loan amortization table:

year	Beginning Amount	payment	interest paid	principal paid	ending balance
1	$20,000
2
3
4

Reference no: EM131984480

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