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In: Accounting

Assume the payments will be made at the end of each year (The first payment is...

Assume the payments will be made at the end of each year (The first payment is made on December 31, 2019.); recalculate your answer for case # 3. Calculate the annual payment required.  Show your final answer and show all the work to support your answer. Prepare the amortization table for the loan using the format covered in class.

Case #3 info: On January 1, 2019, ABC Corp. borrowed $81,000 by signing an installment loan.  The loan will be repaid in 20 equal payments, one at the beginning of each year.  The first payment is made on January 1, 2017. The interest rate for the loan is 10%.

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Expert Solution

Since the format covered in your class is not with me, I am providing here a basic format which you can refer to make as per the format covered in your class.

ekkarill92 answered 1 year ago
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