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Y bank has offered you a 1000000 5-year loan at an

Y bank has offered you a $1,000,000 5-year loan at an interest rate of 12%, requiring equal annual end-of-year payments that include both principal and interest on the unpaid balance.

Develop an amortization schedule for this loan.

Out of the 4th year payment, what is the amount for principal and interest respectively?

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Finance Basics: Y bank has offered you a 1000000 5-year loan at an

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