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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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