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Determine the firms annual loan payment

Question: Jones just closed a $10,000 business loan that is to be repaid in three equal, annual, end-of-year payments.The interest rate on the loan is 13%. As part of his firm's detailed financial planning, Jones wishes to determine the annual interest deduction attributable to the loan.

1) Determine the firm's annual loan payment

2) Prepare an amortization schedule for the loan

3) How much interest expense will Jones firm have in each of the next 3 years as a result of this loan?

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