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What will the annual payments be

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Question - Expanding Corporation financed a $500,000 expansion by mortgaging their head office building for seven years. They negotiated a rate of 5% per annum. They will make equal annual payments at the end of the year.

Note: if needed, complete the amortization table for the mortgage using the effective interest method

What will the annual payments be, assuming payments are made annually at the end of the year?

Reference no: EM132595961

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