Consider a 4-year amortizing loan you borrow 2400 initially, Ask an Expert

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Consider a 4-year amortizing loan. You borrow $2,400 initially and repay it in four equal annual year-end payments. a. If the interest rate is 10%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment $ b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.) Time Loan Balance, $ Year-End Interest Due on Loan Balance, $ Total Year-End Payment, $ Amortization of Loan, $ 1 2 3 4 5

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Financial Management, Finance

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