Consider four-year amortizing loan

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Reference no: EM131979171

Consider a 4-year amortizing loan. You borrow $1,100 initially and repay it in four equal annual year-end payments. a. If the interest rate is 9%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Prepare an amortization schedule. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)

Reference no: EM131979171

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