Harper decides to take out a two-year loan for $12,500 to purchase a new car....
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Finance
Harper decides to take out a two-year loan for $12,500 to purchase a new car. His loan officer tells him that he will make equal, annual payments for the loan at an interest rate of 7.5 percent per year. Round each number in this problem to 2 decimal places. Prepare an amortization table for all periods of the loan. (Do not use dollar signs or commas in answers) Beginning Balance (Year 1): Total Payment (Year 1): Interest Paid (Year 1): Principal Paid (Year 1); Ending Balance (Year 1): Beginning Balance (Year 2): Total Payment (Year 2): Interest Paid (Year 2): Principal Paid (Year 2); Ending Balance (Year 2)
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