Suppose a firm borrows 1000 Euros, and the loan is to be repaid in three...
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Accounting
Suppose a firm borrows 1000 Euros, and the loan is to be repaid in three equal payments at the end of each of the next three years. The lender charges 6% interest rate on the loan balance that is outstanding at the beginning of each year. The annual payment (from the first part of the question is $374.11).
Question: Determine the amortization schedule, including each years repayment of interest and principal and outstanding balance.
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