To Personal Finance Problem P5_48 Loan amortization schedule Han Xiao just closed a $50,000 business...
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To Personal Finance Problem P5_48 Loan amortization schedule Han Xiao just closed a $50,000 business loan that the must repay her brother, who has agreed to lend it at 5% annual interest. Han must repay the loan over the next 5 years, in five equal, end-of-year payments. 1. How much does Han have to pay every year if she has to repay the loan by the fifth end-of-year installment? b. Prepare an amortization schedule showing the interest and principal breakdown of each loan payments. c. Explain why the interest expense of each subsequent payment declines over time
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