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A loan of $16000 with interest at 4% compounded is repaid in 9years by equal...

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Finance

A loan of $16000 with interest at 4% compounded is repaid in 9years by equal payments made at the end of each 1 month

(a) What is the size of the periodic payment?

(b) Construct an amortization schedule showing the details of the last three payments.

(c) What is the total paid and the total interest?

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