Susan borrowed $20,000 from Jack at a rate of 3% compounded monthly. Susan has agreed...
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Accounting
Susan borrowed $20,000 from Jack at a rate of 3% compounded monthly. Susan has agreed to pay Jack back in monthly payments over the course of 3 years.
a) Complete the first and fifth payments for the amortization schedule below (4 marks) b) Complete the last payment for the amortization schedule below (2 marks) c) Calculate the total amount of interest Freddie paid on this loan (2 marks)
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