What is the amount for principal and interest respectively

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Z Bank has offered you a $1,000,000 5-year loan at an interest rate of 11.5%, requiring equal annual end-of-year payments that include both principal and interest on the unpaid balance.

Develop an amortization schedule for this loan.

Out of the 4th year payment, what is the amount for principal and interest respectively?

Reference no: EM131338602

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