2. You obtain an amortised loan of 45,000 for home renovation. The interest rate the...
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Accounting
2. You obtain an amortised loan of 45,000 for home renovation. The interest rate the bank charges is 3% and you need to make equal annual payments over 5 years. Show the amortization schedule of this loan. What is your capital repayment in the third year? How much interest do you pay in total over the entire life of the loan? Explain. 110 marks
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