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Find the required annual payments

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Reference no: EM132497745

Construct an amortization schedule for a $1,000, 5% annual rate loan with 3 equal payments. The first payment will be made at the end of the1st year.

a) Find the required annual payments

b) What's the ending balance of the amortized loan at the end of the first year

c) Calculate the total amount of interests you should pay for the amortized loan in three years.

Reference no: EM132497745

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