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  3. you are about to borrow 15 000 from a bank at an i

You are about to borrow 15 000 from a bank at an interest rate of...

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Basic Math

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You are about to borrow 15 000 from a bank at an interest rate of 8 compounded annually You are required to make three equal annual repayments in the amount of 5 820 50 per year with the first repayment occurring at the end of ye 1 Show the interest payment and principal payment in each year Fill in the table below Round to the nearest cent End of Year 0 Principal Repayment Interest payment Remaining Balance

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