Carlos borrows $ 15,000 with the agreement that money is worth 5% compounded annually. The...
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Accounting
Carlos borrows $ 15,000 with the agreement that money is worth 5% compounded annually. The debt is to be paid, interest included, by equal installments at the end of each year for 5 years. Find the annual payment and supply the necessary data on the amortization schedule found below.
Solve the problem by showing your FORMULA and COMPUTATION
| Period | Beginning Amount | Payment | Interest | Re-Payment | Ending Balance |
| 1 | 15,000.00 | ||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
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